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ERISA  3(16) | Top 10 Provisions to Include in a Well-crafted Service Agreement
ERISA  3(16) | Top 10 Provisions to Include in a Well-crafted Service Agreement
ERISA  3(16) | Top 10 Provisions to Include in a Well-crafted Service Agreement
ERISA  3(16) | Top 10 Provisions to Include in a Well-crafted Service Agreement
ERISA  3(16) | Top 10 Provisions to Include in a Well-crafted Service Agreement
ERISA  3(16) | Top 10 Provisions to Include in a Well-crafted Service Agreement
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ERISA 3(16) | Top 10 Provisions to Include in a Well-crafted Service Agreement

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In this increasingly high risk regulatory environment, plan sponsors are seeking new ways in which they …

In this increasingly high risk regulatory environment, plan sponsors are seeking new ways in which they
can delegate to others some of their ERISA fiduciary responsibilities.

Included among them is authorizing another to assume core plan administration duties. These functions have traditionally been the sole purview of plan sponsors. The term, “plan administrator” is defined in Section 3(16) of ERISA, the foundational law governing employee benefit plans. The services of a plan administrator have
therefore become known as “3(16) services.”
Any service provider rising to the challenge to accept plan administration accountabilities - and the resulting liability that goes with them - will wish to carefully consider how to draft an appropriate service agreement.

Published in: Economy & Finance
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  • 1. INVESTMENT ADVISOR SERIES WWW.NAPLIA.COM161 Worcester Road, Suite 504, Framingham, MA 01701 Tel 866.262.7542 Fax 508.656.1399
  • 2. not
  • 3. The information provided in thispaper isintended solely for general educational purposes. It isnot intended for the purpose of providing specific legal, insurance, or other professional advice to any particular recipient or with respect to any particular jurisdiction. The author, publisher, and distributor of this document (1) make no representations, warranties, or guarantees as to its technical accuracy or compliance with any law ( federal, state, or local) or professional standard; and, (2) assume no responsibility to any recipient of this document to correct or update its contents for any reason, including changes in any law or professional standard. You should formally retain the counsel of an attorney knowledgeable as to your industry, your practice, and the laws of any jurisdiction(s) within which you conduct your practice to ensure the document’s maximum usefulness and compliancewith applicable lawsand professional standards.

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