VIEW OUR 3(16) FIDUCIARY SERVICES
DB&Z gives you the flexibility to create your own customized Fiduciary Services by selecting any one – or combination – of the three modules below.
MODULE 1 –
ADMINISTRATIVE
Plan document
- Adopt and Maintain Plan Document
- Adopt amendments to comply regulatory and discretionary changes
- Interpret plan document
Nondiscrimination & Testing
- Authorize corrective action, refunds and/or distributions for nondiscrimination testing and annual limit failures
- Adopt amendments to correct nondiscrimination and coverage failures
Distribution, Loans & QDRO
- Receive and authorize participant distribution and loan requests
- Verify and authorize allowable amounts for distributions and loans x Authorize (payroll provider) to remove loan payments from payroll
- Communicate with participants regarding distribution and loan issues, authorization and denials
- Receive proposed QDRO submissions and determine validity
- Advise parties of the receipt of proposed QDRO and provide copy of QDRO procedure
- Approve segregation QDRO balance and authorize distribution to alternate payee
Reporting and Other
- Sign government forms x Monitor and Review Fidelity Bond
MODULE 2 –
ENROLLMENT, PAYROLL AND OTHER RELATED FUNCTIONS
- Determine eligibility
- Provide enrollment materials: enrollment forms, beneficiary designation and elections
- Receive, review and retain completed elections
- Provide completed elections to fundholders, payroll service, and Plan sponsors
- Review and ensure auto-enroll & autoincrease procedures
- Confirm salary deferrals and loan payments are properly reflected on pay date payroll reports
- Submit salary deferrals and loan payments
- Ensure timely remittance of salary deferrals and loan payments
MODULE 3 –
DISCLOSURES
- Provide participant statements directly to the participants
- Provide quarterly/annual notices to participants, including safe harbor, QDIA, investment disclosures for ERISA 404(c), 404(a)(5)
- Provide summary annual reports
- Provide Summary Plan Description and Summary of Material Modifications to participants
- Provide, if applicable, blackout notices, notice of diversification rights, 204(h) notices
- Locate Missing Participants.