Fulfilling fiduciary responsibilities is no small task. From ensuring timely filings to managing participant notices and tracking compliance tasks, the administrative burden on 3(16) fiduciaries continues to grow especially as regulatory scrutiny increases and operational complexity deepens.
Congruent’s 3(16) Enablement Services are designed to help fiduciaries focus on strategic oversight by offloading the heavy lifting of day-to-day plan administration.
The Challenge: High Stakes, Limited Resources
- Deadline Pressure: Missed Form 5500 filings, untimely participant notices, or delays in loan processing can lead to penalties and erode trust.
- Rising Costs: Managing back-office operations in-house drives up overheads especially with seasonal spikes.
- Talent Gaps: Hiring and retaining trained retirement plan administrators is increasingly difficult in a tight labor market.
- Compliance Complexity: Juggling contribution limits, eligibility tracking, and evolving regulatory requirements requires precision.
The Solution: Congruent’s 3(16) Enablement Services
We act as your operational backbone, helping fiduciaries meet their obligations with accuracy, efficiency, and peace of mind without assuming fiduciary liability.
How Do We Help?
- Administrative Task Execution: We manage key functions such as eligibility tracking, loan and distribution processing, plan data maintenance, and notice distribution.
- Deadline Management: Timely support for compliance testing, Form 5500 preparation, and participant communications.
- Staffing Relief: Scalable teams of trained retirement professionals, available without the overhead of full-time hiring.
- Operational Cost Reduction: Efficient, tech-enabled processes streamline your operations and reduce rework.
- System-Agnostic Execution: Experience across leading recordkeeping and compliance platforms like Relius, Omni, ASC, and ftwilliam.com.
The Outcome: A Fiduciary Role You Can Manage
- Focus on strategic oversight
- Lower operational burden and costs
- Meet deadlines with confidence
- Work with experienced retirement professionals you can trust
P.S.: While Congruent supports 3(16) fiduciaries with execution services, we do not act in a fiduciary capacity or assume any fiduciary responsibilities.
