Your 3(16) Fiduciary Solution
At Benefits Functional Fiduciaries, Inc. (or BFF®) we understand the time-consuming hassles of administering a 401(k) plan. Our work not only frees up the executives and staff who currently perform these functions and shelters them from fiduciary liability, it permanently lowers the total cost of maintaining the plan in many ways.
Under the Department of Labor’s ERISA section 3(16), every retirement plan sponsor has certain fiduciary obligations required for properly administering your plan. BFF® accepts the delegation of fiduciary responsibility that goes along with this role.
A Department of Labor review of your plan could lead to fines, monetary penalties and/or other corrective actions if these administrative responsibilities are not completed or are done incorrectly. As a professional 3(16) fiduciary administrator, we have an expert-level understanding of 401(k) administration balanced with a common-sense approach to help you eliminate the uncertainty and time-consuming hassles of administering
your 401(k) plan.
Plan Sponsors, through the BFF® suite of services, can simplify their plan’s day-to-day demands by out-sourcing substantially all of the time-consuming efforts required to properly manage the plan and oversee all of the vendors providing administrative services. Plus, we can serve as a co-fiduciary for administration helping you minimize your plan risks and your personal liability. That can mean less stress, fewer headaches and more time and energy for both you and your employees to invest in other more profitable aspects of your business.
BFF® can execute compliant fiduciary-level 3(16) administrative services ensuring that your company-sponsored employee benefit plan is being administered prudently, effectively, and efficiently for the sole benefit of your plan’s participants. BFF® is certified by DALBAR, Inc. as a Registered Fiduciary™.
Getting started is easy…
For an annual fee, BFF® will help you navigate through your 401(k) plan administration responsibilities so you don’t have to be a qualified plan expert. We provide flexible options so you can choose the level of services that are right for you and your plan.