A plan sponsor is the legal entity that establishes and maintains a retirement plan. The plan sponsor is typically the employer in the case of a workplace retirement plan, but can also be an employee organization, such as a union. The plan sponsor is responsible for ensuring that the plan complies with applicable laws and regulations.
The term "behind plan sponsors" refers to the fact that plan sponsors are responsible for the administration and management of retirement plans. This includes ensuring that the plan complies with all applicable laws and regulations. Plan sponsors are also responsible for selecting and monitoring the service providers that administer the plan.
What does a recordkeeper do?
A recordkeeper is an individual who is responsible for keeping track of an organization's records. This can include financial records, human resources records, customer records, and any other type of record that the organization deems important. The recordkeeper may be responsible for maintaining the records in a physical filing system, or they may be responsible for maintaining the records electronically.
What is the role of a benefits administrator?
The role of a benefits administrator is to oversee and manage an organization's employee benefits program. This can include health insurance, retirement plans, and other employee perks. The administrator works with employees to enroll in benefits, ensure that they are receiving the correct benefits, and help with any questions or problems they may have. The administrator also works with the organization's human resources department to ensure that the benefits program is compliant with all applicable laws and regulations. Who is the plan sponsor name? The plan sponsor name is the name of the company or organization that sponsors the retirement plan. The plan sponsor is responsible for the administration and management of the retirement plan. What is a 401 K sponsor? A 401(k) sponsor is the organization that establishes and maintains a 401(k) plan. The sponsor can be an employer, a union, a professional association, or another type of organization. The sponsor is responsible for ensuring that the plan meets all legal requirements and for providing administrative and investment management services to plan participants.
What is a 321 fiduciary? A fiduciary is a person or organization that is legally obligated to act in the best interests of another party. In the case of a 321 fiduciary, this means that the fiduciary must act in the best interests of the person or organization that they are representing. This includes making decisions that are in the best interests of their client, and avoiding conflicts of interest.