Getting Started as a Plan Administrator

Updated 2 months ago by Chandler Julian

As the plan administrator for your company's retirement plan, you're charged with responsibility for the operation of the plan and making sure that the provisions in your plan document are followed.

Don't worry! We're here to help you with all of this, but it's good for you to have an understanding of what all is involved with sponsoring a retirement plan.

Here are some key points to think about...

  1. Procedures for determining eligibility

  • What are your plan's eligibility requirements?
    • Are the eligibility requirements different for different types of contributions?
  • Which party will be responsible for determining which employees are eligible for the plan?
    • You?
    • Your payroll provider?
    • Your retirement plan provider?
  • What information will you need to accurately determine eligibility?
    • Hours of service?
    • Hire date?
    • Birth date?
    • Job description or company division?
  1. The process for enrolling your eligible employees into the plan

  • Will enrollment be online or on paper?
    • Does your company meet the requirements for electronic disclosures?
    • Will enrollment be in your HR system, your payroll system, or in your retirement plan provider's system?
  • Will there be an enrollment meeting?
    • Who will conduct the meeting? - Your plan's adviser, your HR manager, your plan's service provider?
  • How will you furnish the required disclosures and enrollment materials?
    • Do you have the latest versions of the disclosures and enrollment materials?
  • How will you capture their waiver of participation if they decide not to participate?

  1. Remitting contributions and loan repayments to the plan in a timely manner

  2. Understanding the rules for vesting for certain types of employer contributions

  3. Knowing the withdrawal provisions in your plan and knowing when to approve or deny certain types of withdrawal requests

  4. Your obligations with year-end compliance testing and Form 5500 filings

  5. Selecting a default investment option for your plan

  6. Establishing an investment policy statement

  7. Maintaining a fiduciary file

  8. Selecting an investment option for your plan's forfeiture account

  9. Procedures for handling employee deferral election updates

  10. Loan procedures

Your ERISA on-boarding team will send plan administrator credentials to the individuals that were authorized during your plan's setup process. Once you receive your credentials, you may log into our plan admin site at any time to view the information for your plan.


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