The fiduciary who is responsible for the day-to-day operations of your qualified retirement plan is known as a 3(16) Plan Administrator under ERISA.
For most companies, the Plan Sponsor typically assumes the role of Plan Administrator if no other fiduciary is hired to fulfill the position.
As an industry leading Third Party Administrator we’ve created our independently owned company, First Party Administrator TM, LLC, to be the named ERISA 3(16) Plan Administrator directly relieving Plan Sponsors of administrative burdens.
As an elected 3(16) Plan Administrator, First Party AdministratorTM, LLC directly relieves plan sponsors of their administrative burdens while acting as the plan’s named administrative fiduciary.
This provides Plan Sponsors with a fully encompassing fiduciary team proactively eliminating penalties and fines on plans that have operational or reporting errors.
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