Newport retirement services announced cost-free 3(16) administrative fiduciary services to assist clients and their human resources (HR) departments as they respond to issues stemming from the coronavirus (COVID-19) pandemic.
During this time, employers may be experiencing a surge in the plan administration activity required of HR personnel. Newport anticipates plan sponsors will see an increase in loan and hardship distribution requests as more employees seek funds to cope with unexpected expenses, market volatility or wage reduction. Additionally, anticipated changes in legislation may increase plan participant activity.
Newport is providing complimentary 3(16) administrative fiduciary services to clients for the remainder of the 2020 calendar year. Some restrictions may apply.
With its 3(16) service, Newport will:
- Determine eligibility for plan participation;
- Review, process and validate loan (regular and hardship) requests, distribution requests, rollovers, qualified domestic relation orders (QDROs) and required minimum distributions (RMDs);
- Ensure beneficiary elections are in good order; and
- Assist with interactions and questions from terminated employees.