ARP Service Partners
We've got you covered!
The Vegas Chamber's Retirement Plan Committee routinely adheres to a vigorous due diligence process to ensure you and your 401(k) plan participants are being supported by the right service providers for the best value. Here's a quick overview of who we've sourced for you in the ARP...
RECORDKEEPER
Transamerica provides participant customer service and administrative support to administrative professionals at your company. They provide technology, participant statements and the investment platform where participant accounts are held. Transamerica is responsible for tracking the employee and and employer deposits to provide an accounting for annual plan testing. They also assist with plan health analysis and employee engagement tasks. Transamerica will tackle enrollment meetings, routine education meetings and employee engagement programs centered around financial wellness.
PLANADVISOR
Rise Consulting has a Fiduciary role on the ARP, meaning they have a legal obligation to counsel the Vegas Chamber's Retirement Plan Committee to the best interests of the plan sponsors and participants. Rise has a niche expertise in working with closely-held business retirement plans, and offers The Retirement Committee investment advice, updates on the retirement plan landscape, advanced plan design consulting, and performs service provider bench-marking. Additionally, as the plan's Advisor, Rise offers business owners and plan participants comprehensive financial planning and tax services.
3(16)FIDUCIARY
A Third Party Administrator (TPA) who acts as a 3(16) Fiduciary is currently the highest level of administrative support and fiduciary protection available. Third Party Administrators are responsible for drafting the plan's governing legal documents and ensuring the plan provisions remain compliant with the latest DOL, IRS and ERISA law requirements. Additionally they perform annual plan testing to ensure the plan sponsor has managed the plan in accordance with the law. If your current TPA is not acting in the 3(16) Fiduciary capacity, the business and any employee associated with managing the plan are the only ones holding the bag for accidental oversights or breaking the rules. With a Third Party 3(16) Fiduciary like TRA, you have the ability to outsource risk and reduce liability for your company. The Vegas Chamber uses TRA as the ARP's TPA and 3(16) Fiduciary because TRA is an expert in Multiple Employer Programs like the ARP. We'd love to show you what tasks and risks they can take off of your plate.
3(38)Fiduciary
Similar to a 3(16) Administrative Fiduciary, a 3(38) Investment Fiduciary is the highest level of service and protection an employer can receive when it comes to investment selection and due diligence. The Vegas Chamber Retirement Committee has selected Mesirow Financial to provide institutional-quality investment consulting to our members. Mesirow has been in the investment business since the 1930's and currently advises on almost $40B in pension and endowment funds. Mesirow performs quarterly investment reviews and provides quarterly performance reporting and market updates. When Mesirow's due diligence process determines an investment is no longer meeting performance standards, they will automatically replace the fund in your plan for you. This means less Fiduciary risk and less work for you.
