Tag: ERISA

The 401(k) industry is complex. With a mixture of rules and regulations that are written and enforced by more than one government organization, there are a plethora of complications that can arise. Every year, 401(k) plans around the country are subject to government non-discrimination and coverage testing. Because the U.S. Government offers substantial tax benefits […]

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In the 401(k) marketplace, you can occasionally find separate companies that will sign onto your 401(k) plan in the role of 3(38) Investment manager, and even 3(16) Plan Administrator. However, when sponsors engage these separate companies, their combined plan services often become fragmented and expensive. BenefitGuard is the only provider in the market that appoints […]

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The BenefitGuard solution for 401(k) plans is unique in that BenefitGuard signs and acts in the primary fiduciary roles so that the employer does not have to. BenefitGuard acts as the 3(16) Plan Administrator and the 3(21) Named Fiduciary. But there is another important fiduciary role that BenefitGuard fills and that is the 3(38) Investment […]

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The Employee Retirement Income Security Act of 1974 in section 412 requires that 401(k) plan fiduciaries maintain a fidelity bond to “provide protection to the plan against loss by reason of acts of fraud or dishonesty”. Despite these bonding requirements, many plan sponsors are not adequately bonded. In order to help plan sponsors understand and […]

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While we help administer both 401(k) and 403(b) plans, we are regularly helping companies switch their existing 403(b) plans over to a 401(k). In that process, we’re often asked: When should we use a 401(k) instead of 403(b)? The short answer…almost always.  Unless you are a church or a governmental organization, a 401(k) plan is […]

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