Together, Sunwest Pensions and TAG Resources LLC will provide plan document services, compliance testing, participant distribution, loan processing and Form 5500 preparation. In addition, Sunwest will offer payroll remittance services supporting plan sponsors.
TAG will assume liability in running the day-to-day administration of clients’ retirement plans under the service arrangement, according to a joint statement from the companies. In its fiduciary capacity, TAG will review plan fees and expenses, monitor plan providers, maintain discretionary authority and control of daily management, and perform the role of trustee in signing Form 5500 as a plan administrator.
The firm will also be accountable for interpretation of plan documents and timely reporting to both plan participants and government oversight agencies.
Sunwest Pensions is a Phoenix-based third-party administrative firm specializing in consulting and administration of retirement plans. TAG Resources LLC is a retirement service company based in Knoxville, Tennessee. More information on the services is available on the firms’ websites.