Administrative and Fiduciary Solutions

Protect Your Clients and Your Bottom Line

Employers often look to advisors and TPAs for help with administrative duties. With support from The Standard, you can reduce their workload, costs and risk.

We can take on certain administrative tasks or shoulder fiduciary responsibility for certain plan duties. You decide what you'd like us to handle and how visible you'd like us to be with your clients.

Avoid These Common Errors
Failing to include or exclude certain employees
Exceeding contribution limits
Incorrect handling of hardship distributions or loans
Incorrectly defining compensation
Failing to provide proper participant notices
Administrative Services

Standard Retirement Services, Inc. can take on a range of administrative tasks. We can even take on ERISA 3(16) Delegated Administrative responsibility.

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Delivering Required Documents
Let Us Send Notices
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We can take responsibility for delivering required notices, statements and disclosures, including:

  • Summary Plan Description
  • Summary of Material Modifications
  • Quarterly participant statements
  • Summary Annual Report
  • Annual disclosure of plan fees
  • Safe Harbor
  • QDIA
  • Automatic enrollment
  • Required blackout notices
  • Safe Harbor contribution termination notice
  • Notice of receipt of QDRO
  • Fee and investment change notices
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Managing Loans and Distributions
Offload Requests
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We can:

  • Manage distribution process from start of request to disbursement of funds
  • Review hardship requests and the amount of need
  • Verify loan limits and distribution eligibility against plan document
  • Communicate directly with participants, so no action is required from an employer
  • Notify participants of quarterly deadlines and distribution and default requirements
  • Manage process from receipt of proposed QDRO to the segregation of the participant’s account
  • Review and ensure the qualified status of QDROs
Notifications
Eligibility Monitoring and Notifications
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We can:

  • Track employee eligibility based on the plan’s provisions
  • Notify employees of their eligibility
  • Provide information for easy enrollment online

Benefits for You and Your Clients

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Reduced Workload

Give yourself and your clients more time to focus on other priorities. Let us handle the delivery of required participant notices.

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Clean Data

We validate information on each employee with every payroll. With the latest and most accurate data, you can help employers avoid fiduciary risk and the time it takes to correct bad data.

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Consistent Service

Work directly with our experienced problem-solvers and knowledgeable professionals.

We Can Put Our Accountability In Writing

We can back our services in writing with a "hold-harmless" indemnification clause. We put the following language in all contracts when we act as the 3(16) fiduciary.

 

“We agree to indemnify and hold you harmless from and against all claims, actions, obligations, damages, liabilities, penalties and expenses, including reasonable attorney’s fees, asserted against you to the extent such claims, actions, obligations, damages, liabilities, penalties and expenses are the direct result of our default of our responsibilities under this agreement, provided that you notify us promptly of the commencement of such action and cooperate as reasonably necessary in any defense…”

 

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TPA-Friendly Partnership

Whether you work with a third-party administrator or manage a TPA firm, we can work closely with you to decide on administrative responsibilities. This makes the process more efficient for everyone.

Learn more about TPA partnerships

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Take the Worry Out of Administration

Partner with us to deliver administrative services and fiduciary solutions.