Unless you delegate a fiduciary function to a plan fiduciary such as an ERISA 3(16) and 3(38)fiduciary, it\u2019s your call on things. When a third-party administrator (TPA) decides on their own that you will refund deferrals because of a failed Actual Deferral Percentage Test instead of giving you the option of a safe harbor non-elective contribution or a qualified non-elective contribution, that\u2019s a problem. The problem is that it\u2019s your call and the TPA did something that might get them labeled a plan fiduciary.<\/p>\n
It\u2019s important to read the contract as to who the fiduciary is under the plan, as well as make sure that plan providers don\u2019t make choices on their own that belong to you.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" Unless you delegate a fiduciary function to a plan fiduciary such as an ERISA 3(16) and 3(38)fiduciary, it\u2019s your call on things. When a third-party administrator (TPA) decides on their own that you will refund deferrals because of a failed … Continue reading