The individual responsible for managing the day-to-day operations of your Health & Welfare or Qualified Retirement Plan is known under ERISA as the 3(16) Plan Administrator.

In many organizations, if no outside ERISA fiduciary is appointed, the Plan Sponsor automatically assumes this role—along with the associated risks and responsibilities.

TPAs Are Not 3(16) Fiduciaries

It’s a common misconception that Third Party Administrators (TPAs) serve as 3(16) fiduciaries. In reality, TPAs typically handle administrative or “ministerial” tasks but do not accept fiduciary responsibility under ERISA.

A true 3(16) Plan Administrator must be a qualified ERISA expert who shares ERISA fiduciary liability with the Plan Sponsor. By hiring an independent fiduciary, you ensure that your plan is professionally managed and monitored—freeing your internal team while reducing your personal risk exposure.

What a 3(16) Fiduciary Does

At ERISA Fiduciary Advisory Group, we act as the 3(16) Plan Administrator, taking full responsibility for managing your plan’s daily operations. Our comprehensive services include:

• Taking full ERISA fiduciary responsibility as the named 3(16) Plan Administrator

•  Reviewing, hiring, and replacing service providers

•  Negotiating service agreements on your behalf

•  Preparing and filing required government forms (e.g., Form 5500, M-1)

• Monitoring and analyzing plan-related expenses

•  Submitting ACA compliance data to employers

•  Maintaining all required documents (SPD, SBC, trust agreements)

•  Serving as your designated Agent for Service to communicate with the IRS, DOL, and other agencies

•  Auditing vendor performance and plan operations

•  Reducing fees and streamlining expenses

•  Preparing your annual fiduciary report

•  Delivering required participant notices

•  Reviewing applications for affiliated employer coverage

• Managing financial audits and contributions

•  Resolving claim disputes

•  Verifying participant eligibility

• Collaborating with actuaries on contribution rates

•  Maintaining comprehensive plan records

•  Ensuring HIPAA compliance

Focus on Your Business. We’ll Handle the Compliance.

With decades of expertise in Health & Welfare and Retirement Plan management, we ensure that your ERISA obligations are met with precision and strategic insight. Our goal is to take the administrative weight off your shoulders, allowing you to focus on running your business.

As the Department of Labor recommends, outsourcing to a qualified fiduciary can dramatically reduce your exposure and simplify compliance.

Ready to delegate with confidence? Schedule a free consultation to see how we can support your plan.