A Brief Overview – Characteristics Of A Fiduciary In Gilbert AZ

If you have come across the term fiduciary, you may have wondered whether this is the type of professional service provider that you need for your 401(k) or ERISA 403(b) Plan? In the broadest sense, a “fiduciary” is legally responsible for managing or controlling the assets of another. Read further to learn more about a fiduciary in Gilbert AZ.

The compensation or fee structure of a qualified ERISA retirement plan can, and typically is, confusing. You will see vendors charging advisory fees, consulting fees, subscription fees, administration fees, investment fees, and so-on. These are fees typical of non-fiduciary vendors

However, fees charged by a fiduciary must be “reasonable” and fully disclosed, as defined under the law. There are stipulations and requirements for any of the actions which a fiduciary may take regarding client assets. Fiduciaries are required, under penalty of law, to always act in the best interests of clients.

Our actions are regulated by ERISA (Employee Retirement Income and Security Act of 1974) Sections 402(a) and 3(16). We also customize and sponsor MEPs (Multiple Employer Plan) and PEPs (Pooled Employer Plan) for industry-related companies and their underlying clients.

Our firm offers Plan Sponsors sponsoring a 401(k) or 403(b) Plan an opportunity to outsource over 95% of their fiduciary risk. We take care of the necessary document filings and paperwork in order to ensure that the plan remains in compliance with Federal Regulations. Some of the benefits of our services include the removal of most fiduciary duties from the Plan Sponsor. We work with other service providers to facilitate benefits to the employees and retirement plan participants. We take care of reviewing, approving, and signing the IRS 5500 Series Form. These required annual filings are evaluated for accuracy and code verification, and matched to the Plan’s financial statements.