The service is designed to ease day-to-day demands of retirement plan administration, while minimizing risks for plan sponsors and supporting the independent services of plan advisers and third-party administrators (TPA).
Plan sponsors can choose one or both of the available service levels:
- Level One, Participant Notice Distribution: Electronic or print distribution of a comprehensive list of participant notices that are mandated by the Department of Labor and Internal Revenue Service.
- Level Two, Transaction Processing: Services related to reviewing participant requests and approving and processing transactions.
“Plan administration for 401(k)s can be time consuming and overwhelming, especially for small to mid-size businesses,” says John Corrieri, vice president of 401(k) services at Mutual of Omaha. “With 401(k) Admin Advantage, we serve as a cofiduciary for certain administrative requirements, sharing regulatory obligations with plan sponsors. Plan administrators gain peace of mind knowing these duties are handled by experienced professionals who will work with their adviser and possible TPA, so they can focus on their business.”
More information about Mutual of Omaha Retirement Services’ 401(k) Admin Advantage, as well as other retirement products and services, can be found at http://www.sellretirementright.com.
Mutual of Omaha is a provider of insurance, banking and financial products for individuals, businesses and groups throughout the United States. More details about Mutual of Omaha can be found at http://www.mutualofomaha.com.