It's About Trust

Your employees trust you to administer the plan with the highest standard of care and to act prudently on their behalf. We help you keep that trust.

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Peace of Mind for
Busy Employers

You Are a Fiduciary for Your Qualified Retirement Plan.

As a fiduciary, you have obligations established by the Employee Retirement Income Security Act (ERISA). A fiduciary must discharge their duties, "with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims." (ERISA §404(a)(1)(B)). For small and large employers, compliance can be time consuming. There may even be some aspects of your responsibility of which you aren’t even aware.

Plan Sponsor Fiduciary Responsibilities Include:


  1. Act solely in the best interest of plan participants for the management of plan and plan investments.
  2. Operate the plan in compliance with the plan document and IRS and DOL rules.
  3. Send required notices to participants in a timely manner.
  4. Review, approve, and sign IRS filings.
  5. Approve plan transactions including loans, distributions, hardships, corrections, and QDROs.
  6. Remit contributions in a timely manner.
  7. Ensure that the plan is paying reasonable fees for services.
  8. Be bonded and maintain fiduciary liability insurance.

Outsource to a 3(16) Plan Administrator

You will always have fiduciary status and liability when it comes to your qualified retirement plan, but you can delegate some of your fiduciary tasks to trusted experts who can ease your burden and shoulder some of the liability.

Section 3(16) of ERISA defines that the term "administrator" means either the plan sponsor or the person designated as the plan sponsor. The plan administrator is required to fulfill certain reporting and disclosure obligations for the plan.

Why Partner with Experts?

Shift Liability

The DOL allows a fiduciary to hire a service provider to handle some fiduciary functions. The service provider then assumes liability for the functions they handle.

Free Up Your Team

Your HR team has a long list of responsibilities. Fiduciary task can be some of the most demanding. Provide them the support they need and allow them to focus on other pressing issues within your company.

Peace of Mind

Fiduciary regulations are strict and scrutiny has increased. Non-compliance may result in costly penalties assessed by both the IRS and the DOL.

NBS Goes Well Beyond Standard TPA Services


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