An Overview Of ERISA 3(16) In Salt Lake City UT
ERISA, otherwise known as the Employee Retirement Income Security Act of 1974, sets rules for pension plans within private industry. Whether you are the owner of a large corporation or a small local business, this particular law is vital to understanding the financial security of your company and its employees. Armed with explanatory information on ERISA 3(16) in Salt Lake City UT, you can better manage your finances going forward.
The 3(16) section specifically lays out the responsibilities of the administrator. As a fiduciary skilled in this area, we will be able to determine if an employee is eligible or not for certain plans. The legal framework can often be quite complex, so it is usually better for employers to hire fiduciaries who are knowledgeable on ERISA and its various applications.
As an independent fiduciary in SLC, we can help you navigate various aspects of the legal system. We can assist in the filing of your annual IRS Form 5500, which will need to be reconciled to the supporting documents. We can also review and revise various Schedules that are often filed at the same time as other IRS forms.
We meet semi-annually in Pension Administrative Committee Meetings (PACs) to go over a rigorous checklist of our most important duties. Everything is archived through formal written minutes and audio recordings, which can be reviewed if needed later on. Our primary goal is to keep your plan safe and secure so that it continues to meet the highest ERISA standards.
At Fiduciary Wise, all of our advisers meet the highest of standards and have received certification training in the proper areas. We are dedicated to your company’s success and will ensure that all responsibilities are met. We also make sure that all financial decisions are documented and properly filed.
If you are ultimately looking for help navigating complicated federal statutes, we’ve got you covered. We have long been a trusted fiduciary in the Salt Lake City area. We can help you manage your company so that you remain a vigorous competitor in your field for a long time to come.
