Outsource Minutiae
Closely held businesses sponsoring a business retirement plan have a lengthy to-do list of compliance items throughout the year. Tracking eligibility, verifying contributions, administering distributions and preparing participant disclosures are just some of the requisite tasks to run a plan for your employees.
We’ve often found the C-Suite of these businesses hold multiple roles and frequently double as the company CFO, GM and/or director of HR. Many of the companies we assist don’t have a dedicated HR department to handle the intricacies of their retirement plan, and even those that do may miss a key detail from time to time.
With so much already on a business executive’s plate, outsourcing the operations of your plan to a Third-Party Administrator (TPA) can free up valuable time for you or your HR team. Omnia Executive acts as a 3(16) Fiduciary, which is currently the highest level of administrative support and fiduciary protection available.
Partner with us to save time and reduce risk and liability for your company.
Third-Party Administrator Roles
TPAs are responsible for drafting the plan’s governing legal documents and ensuring plan provisions remain compliant with the latest DOL, IRS and ERISA requirements, which frequently change. Additionally, TPAs perform annual testing to verify the sponsor has managed the plan in accordance with the law.
If your current TPA is not acting in the 3(16) Fiduciary capacity, the business and any employee associated with managing the plan are the only ones holding the bag for accidental oversights or breaking the rules. Partnering with Omnia outsources this risk and liability to give you peace of mind.
Standard plan sponsors are required to fulfill the following services:
- Custom plan design consulting
- Plan document creation and maintenance
- Plan design review and annual compliance testing
- Prepare participant notices and disclosures
- Verify required employer contributions
- Prepare Form 5500 for signature
- Administer participant loans and distributions
Omnia Executive Goes Beyond
As a 3(16) Fiduciary with the obligation to place your business’s best interests at the top of our priority list, we fulfill the above services, too. But we also go further. Omnia Executive additionally provides these services for your business plan:
- Sign and file Form 5500
- Review and approve participant loans and distributions
- Monitor loan defaults
- Tracking eligibility and distributing eligibility notices
- Review fidelity bond coverage
- Distribute termination packets
- Manage small balance force-out process
- Distribute annual notices to employees
Routine plan management and fiduciary tasks like these shouldn’t swallow up your time. Having to cross-check plan documents to ensure any transactions adhered to legal requirements throughout the year is a nuisance.
We have a niche focus on understanding business owner’s needs and tackling their problems with customized solutions. We simplify the administration of your plan with vendor selection and management, 3(16) Fiduciary due-diligence process management and investment fiduciary services. So you can focus less on the minutiae tied to running a plan and more on the day-to-day success of your closely held business.
