Who is the retirement plan sponsor?
The sponsor of a 401(k) plan is the entity that establishes retirement plans for a company and its workers. Normally, this is the employer itself, a union, or a selected employee of the firm. A 401(k) plan administrator is the organization that actually oversees the operation of the plan.
What is an Erisa plan sponsor?
Plan sponsors have to ensure that the investment advisors managing the plan investments are adhering by the Best-Interest Contract Exemption (BICE) rules under ERISA, which include giving investment advice that’s in the plan participants’ best interests, charging no more than reasonable compensation, fairly disclosing …
Is the plan sponsor the plan administrator?
A plan sponsor is typically the employer or a designated employee of an organization that sets up the retirement plan for the organization and its employees. A plan administrator, on the other hand, is a designated party tasked with the responsibility of running the plan.
Who owns empower?
Great-West Lifeco
GREAT WEST LIFE & ANNUITY INSURANCE CO
Empower Retirement/Parent organizations
Is a plan sponsor a fiduciary?
Inside you will find valuable information on important topics that may help you make decisions about your retirement plan. One of the most important duties you have as the sponsor of your company retirement plan is your fiduciary responsibility to act in the best interests of plan participants.
Are all 401ks employer-sponsored?
About 80 percent of full-time workers have access to employer-sponsored retirement plans — the majority of which are 401(k)s — according to the American Benefits Council. If you’re one of the 20 percent who do not have access to employer-sponsored 401(k)s, don’t worry!
Who prepares the Form 5500?
The administrator of an EBP is ultimately responsible for filing the relevant Form 5500. Often, a company’s finance, HR or operations department, or any combination of these departments, will prepare the Form 5500. Alternatively, a third-party administrator may be used to file Form 5500.
Is a plan sponsor a fiduciary under ERISA?
ERISA was enacted to protect the interests of plan participants and their beneficiaries. Under ERISA, when a plan sponsor is acting as a fiduciary, it must do so in the best interests of plan participants and their beneficiaries.
What is a benefit plan sponsor?
A plan sponsor is an employer or organization that offers a group health plan to its employees or members.
Does Putnam own empower?
A few months earlier Great-West acquired Putnam Investments. Now it’s merging all of the retirement plan services businesses into one new entity called Empower Retirement.
How much is empower retirement worth?
Empower Retirement
| Headquarters of Empower Retirement | |
|---|---|
| Revenue | US$60.6 bil Ytd Dec’2020 65.9% |
| Net income | US$40.0 bil Ytd Dec’2020 64.8% |
| AUM | US$1.0 trillion Ytd Dec’2020 |
| Total assets | US$1.0 trillion Ytd Dec’2020 |
Is recordkeeper a fiduciary?
A recordkeeper generally does not assume fiduciary responsibility for the plan but takes direction from the employer sponsoring the plan. Most TPAs perform their administrative services at the direction of the employer and are not considered fiduciaries.
Who are the sponsors of Empower Retirement Plan?
Securities offered and/or distributed by GWFS Equities, Inc., Member FINRA / SIPC. GWFS is an affiliate of Empower Retirement, LLC; Great-West Funds, Inc.; and registered investment advisers, Advised Assets Group, LLC and Personal Capital.
Is the Great West funds an affiliate of Empower Retirement?
GWFS is an affiliate of Empower Retirement, LLC; Great-West Funds, Inc.; and registered investment advisers, Advised Assets Group, LLC and Personal Capital. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.
How to contact an existing retirement plan sponsor?
877-630-4015 If you are an existing plan sponsor, do not use the form below for customer assistance. Please click here for the appropriate contact phone number. This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
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