Austin 3(16) Fiduciary Limited will assume the bulk of the liability with the day to day administration of the plan including plan provider reviews, upkeep of plan documents, and being responsible for the filing of Form 5500.
Depending on plan asset size, fees will range from three to 10 basis points. “As an attorney who always practiced law on a flat fee, Austin 3(16) will be flexible when it comes to pricing. Plan sponsors have been paying too much for 3(16) fiduciary services until now,” said Rosenbaum.
Austin 3(16) Fiduciary Limited is fully and completely independent from any third-party administrator (TPA) and recordkeeper. Rosenbaum will be backed by several of his former colleagues with whom he worked for more than nine years as a TPA ERISA attorney.More information is at http://www.therosenbaumlawfirm.com/.