CBC Retirement
CBC 3(16)
Fiduciary Service
Liability Handoff
3(16) Fiduciary Service
A 3(16) Fiduciary is a level of service that hires Comprehensive Benefit Consultants to assume liability for the day-to-day administration of your 401(k)/403(b) Plan. The addition of our 3(16) Service allows CBC to take on the responsibility for timely enrollments & deferrals, sign-off on loan & distribution requests, assure timely notice delivery, and sign the annual 5500 form filing.
Timely Enrollments
Assure employees receive invites to enroll in the plan upon fulfilling eligibility requirements. Assure automatic-enrollments are completed.
Sign-Off Distributions
Distribution requests come directly to the CBC team. We can review employee accounts, assure the distribution request fulfills IRS parameters, and sign approval for the distribution to be completed.
Timely Deferrals
Assure employee deferrals are withheld and transferred to the recordkeeper within the IRS allotted timeframe.
Sign 5500
Comprehensive Benefit Consultants will assume liability for the 401(k)/403(b) plan annual 5500 filing, assuring correctness. Part of this is taking the role/responsibility of signing the annual 5500 filing.
Sign-Off Loans
Loan requests come directly to the CBC team. We can review employee accounts, assure the request is in good order, and sign approval for the loan.
Guarantee Notices
Eligible employees must recieve notices from the plan sponsor on a timely manner regarding the plan specifics, fees, and funds. Most of these are provided by the recordkeeper & CBC 3(16) assures employees have recieved them.
3(16) Liability Notice
Comprehensive Benefit Consultants liability assumption with our 3(16) service is dependant on access to timely payroll information. For CBC to assume complete liability, we require access to client's payroll accounts. Otherwise, liability is limited to timely payroll census uploads to CBC.
3(16) Fiduciary Protection Fee Schedule
$30 Per Eligible Employee
*Subject to $750 Annual Minimum
Have questions on the 3(16) Service?
Send us a note and we can schedule a chat
