3(16) Fiduciary Services

We Make it Easier for Retirement Plan Sponsors to Focus on their Business.

As a fully independent 3(16) fiduciary whose founders have extensive backgrounds in the TPA marketplace, Anchor 3(16) Fiduciary Solutions, LLC will assume various administrative responsibilities for sponsors and administrators of qualified retirement plans making it easier to focus on running their business.

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Why Sponsors Should Engage Anchor 3(16)

Anchor 3(16) performs tasks in conjunction with the TPA, financial advisor, payroll provider, and investment platform for seamless operation of the plan. Through this arrangement, plan sponsors can reduce their fiduciary liabilities while enjoying greatly increased time to focus on growing and maintaining their business.

Highly Experienced, Credentialed Staff

With over 60 years of combined experience we work diligently to provide exceptional customer service to each one of our clients.

Time-Savings

Our Fiduciary Services will leave you the time to focus on doing what you do best, operating your business.

Plan Administrator Named in the Summary Plan Description

Anchor Fiduciary Solutions, LLC is named as a Plan Administrator along with the plan Trustee, thus reducing your fiduciary liability.

Coordination of Services

Anchor will work in conjunction with your financial advisor, TPA, accountant, payroll provider and attorney.

Reduces Administrative Tasks and Responsibilities

We can take administrative and tedious tasks off your list and give you peace of mind that your Plan is being operated properly.

Individualized Packages Available

Our service models can be customized to meet each client’s specific needs.

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3(16) Plan Administration Packages

Message In a Bottle

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Summary Plan Description
Summary of Material Modifications
Summary Annual Report
Safe Harbor Notice
Auto Enrollment
QDIA Notice
404(a)(5) Notice
Blackout Notice

Captain

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(Includes Message in a Bottle services plus)

Maintain a fully executed copy of plan documentation
Provide initial participation paperwork directly to participants
Eligibility verification
Retain completed election forms and beneficiary designations
Ensure timely remittance of 401(k)
Reviewing payroll reports and deposits to investment accounts
Review and sign Government Form 5500 and Form 8955-SSA
Submission of payroll contribution files to vendor (subject to the requisite access)

Admiral

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Includes Captain services plus)

Confirm that salary deferrals, loan repayments are properly reflected on pay date payroll reports
Review and verify auto-enrollment to participants
Review and verify auto-increase of deferral rates of participants
Receive completed elections from participants
Advise fundholder/payroll provider/plan sponsor of participant changes to elections
Review suspension of deferrals for hardships
Ensure unvested balances have been calculated correctly and forfeited
Maintain fidelity bond and review annually to ensure compliance
Act as agent for service of legal process for the plan