Mar 26, 2020
Walnut Creek, CA – March 26, 2020 – Newport retirement services announced today cost-free 3(16) administrative fiduciary services as a way to assist clients and their human resource departments as they respond to issues stemming from the coronavirus (COVID-19) pandemic.
During this challenging time, employers are experiencing a surge in the plan administration activity required of human resources personnel. Newport anticipates plan sponsors will also see an increase in loan and hardship distribution requests, in particular, as more employees seek funds to cope with unexpected expenses, market volatility or wage reduction. Additionally, upcoming changes in legislation will make it increasingly difficult for plan sponsors to stay current on plan administration requirements.
As relief, Newport is providing complimentary 3(16) administrative fiduciary services to clients for the remainder of the 2020 calendar year*. When a client engages us for this service, our team of retirement professionals and ERISA experts manage the day-to-day administrative tasks of the company-sponsored retirement plan.
“Our clients, like all companies across the country, are focused on two things: protecting the health of their employees while serving their customers,” said Newport Chief Executive Officer Greg Tschider. “This is our way of providing them with some relief so they can focus on what’s critical—keeping their people safe, while keeping their business running.”
With this service, Newport will assume fiduciary responsibility for administrative functions related to the company’s retirement plan. Newport’s ERISA experts will:
- Determine eligibility for plan participation
- Review, process and validate:
- loan (regular and hardship) requests
- distribution requests
- qualified domestic relation orders (QDROs)
- required minimum distributions (RMDs)
- Ensure beneficiary elections are in good order
- Assist with interactions and questions from terminated employees
Plan sponsors and advisors can click here for more information on Newport’s 3(16) administrative fiduciary services. To get started on 3(16) services, call your dedicated Newport representative or complete this form. You can also reach a sales representative at 855-751-2127.
Headquartered in Walnut Creek, California, Newport is a leading independent retirement services provider that helps employers—and the advisors who serve them—prepare employees for a more financially secure retirement. The company has more than $120 billion in retirement assets under administration and more than $265 billion in corporate retirement and insurance assets. Newport maintains investment objectivity, fee transparency and a commitment to flexible, responsive service. Staffed by an exceptional team of more than 1,350 retirement, insurance, and consulting professionals, the company provides retirement solutions tailored to the needs of employers of every size, from small businesses to the Fortune 1000.
*Some restrictions apply. Newport clients should contact their dedicated client service manager for more information regarding eligible plan types and other requirements.