Gold Services

3(16) Select will provide the following Gold level services:

  • Distribute participant notices (e.g. safe harbor, QDIA, 404(a)5, SAR, summary plan descriptions, etc.)
  • Ensure plan requirements for appointing a designated plan administrator have been handled properly and prepare additional documentation if necessary
  • Update SPD or other participant disclosure documents to reflect 3(16) Select as plan administrator for the plan
  • Provide signature-ready discretionary amendments to modify plan provisions upon request
  • Maintain signed copies of administrative documents (e.g. distribution forms, loan requests, Forms 5500 )
  • Interpret plan document provisions and apply such provisions to facts that arise upon request
  • Provide access to documents to participants, as required by ERISA
  • Administration of participant loans and distributions
    • Determine eligibility, loan interest rate, and whether spousal consent is required
    • Authorize loan
    • Confirm payments have been initiated by payroll provider
    • Determine when loan is in default and authorize taxation of participant and issuance of Form 1099-R
  • Administration of participant distributions
    • Determine eligibility, and whether spousal consent is required
    • Authorize distribution
    • If eligibility for benefits is to be denied, prepare claims denial letter for signature and mailing by Plan Sponsor
    • Determine accounts that are required to be distributed under the plan terms (e.g., cash outs) and authorize
    • Authorize forfeiture of nonvested accounts
    • Take appropriate action to locate lost participants
  • Process Qualified Domestic Relation Orders (QDRO)
    • Determine whether proposed QDRO is qualified
    • Communicate with participant/counsel as required
    • Approve segregation of alternate payee’s benefit
    • Authorize distributions to alternate payee, if applicable

Contact the team at 1-833-401-5237 to discuss the benefits of this comprehensive fiduciary solution.