Working Together for You
The CBIZ Retirement Savings Plan is offered in partnership with Slavic401k. Together, we have created a retirement plan that levels the playing field between enterprise and small business.
Plan Administration
In most retirement plans, the employer typically holds the plan sponsor role, which carries all administrative, fiduciary and investment duties. This can be challenging, as many employers are simply not set up with the infrastructure to handle the responsibility. Often, it is also cost-prohibitive.
The CBIZ Retirement Savings Plan was designed with small and medium-sized employers in mind. The plan sponsor role is outsourced. This is a huge benefit to employers as our partnership with Slavic401k takes most administrative duties off of your plate. Further, by pooling together with other employers, costs are lowered by negotiating services and fees on the collective behalf. This is a win-win for employers AND employees.edium
| CBIZ 3(38) Investment Manager | Slavic401k Pooled Plan Provider | Adopting Employer | |
|---|---|---|---|
| Select and monitor service providers: PPP, 3(38), trustee, other service providers as designated by the PPP | |||
| Select and monitor plan investment options | |||
| Select PEP plan provisions applicable to all adopting employers | |||
| Select plan provisions applicable to adopting employer | |||
| Named as a 3(38) ERISA Fiduciary in writing | |||
| Provide an investment policy statement | |||
| Sign plan adoption agreements | |||
| Provide complete employee census data | |||
| Submit accurate and timely plan contributions | |||
| Provide all data to plan administrator in case of ownership change and company restructuing | |||
| Monitor participant eligibility, entry dates and vesting | |||
| Monitor plan IRS contribution limits | |||
| Monitor timely submission of contributions | |||
| Prepare and deliver participant regulatory disclosures | |||
| Approve and process participant loans and distributions | |||
| Monitor and benchmark plan fees compared to industry averages | |||
| Provide access to CBIZ FIT Connect to participants | |||
| Make necessary plan corrections to keep plan compliant | |||
| Review and approve plan provisions selected by adopting employer | |||
| Prepare, review and approve plan ammendments | |||
| Prepare, sign and submit IRS/DOL documents | |||
| Perform, review and approve plan testing | |||
| Assist with fiduciary governance best practices | |||
| Consult on initial plan design | |||
| Assist with plan implementation and/or conversion |