3(16) Fiduciary Services
Bringing in the right 3(16) fiduciary services provider can help mitigate risk, streamline administration, and provide peace of mind to your clients.
What are 3(16) fiduciary services?
Under ERISA, plan sponsors can delegate certain responsibilities to a provider acting as a 3(16) fiduciary, who provides administrative fiduciary services for retirement plans. What matters is how that responsibility is defined and executed. A 3(16) fiduciary assumes fiduciary responsibility for some or all of a plan’s discretionary decision-making tasks, including:
Signing the Form 5500
Approving distributions
Managing loans
Calculating eligibility
Coordinating participant enrollment
Ideal candidates for 3(16) fiduciary services
FuturePlan’s 3(16) fiduciary services are highly beneficial for plan sponsors and administrators juggling various roles or overseeing many responsibilities. For those aiming to elevate the quality and depth of services offered to mutual clients, our services stand out as an exceptional choice.
Additional 3(16) support can make a significant impact in scenarios where stronger oversight, consistency, and administrative expertise are essential:
Clients with limited internal resources
Sponsors who rely on a small HR or finance team and are managing plan responsibilities alongside other priorities
Plans with past errors or compliance concerns
Clients who have experienced missed deadlines, corrections, or uncertainty around responsibilities
Growing businesses with increasing complexity
As headcount grows, so do administrative demands and risk exposure
Clients asking more operational questions
Sponsors who need guidance on day-to-day plan responsibilities—not just investment oversight
Plans relying on payroll data and manual processes
Where errors can originate upstream and go unnoticed until year-end
FuturePlan 3(16) fiduciary services
FuturePlan’s 3(16) fiduciary services are designed to help mitigate risk, streamline administration, and provide peace of mind for your clients.
Reduce risk with an experienced partner.
FuturePlan offers three levels of services depending on your unique needs.
SimplySignature
Manage annual regulatory tasks (e.g. Form 5500 annual report with applicable schedules), giving clients security with their required filings
SimplySecure
Manage numerous administrative tasks associated with the plan
Access payroll data clients have already uploaded to their recordkeeper
Provide additional support to plan participants meeting compliance requirements
SimplySecureMore
Manage numerous administrative tasks associated with the plan
Review data quarterly and annually from payrolls provided and recordkeeper data to ensure timeliness and accuracy
Fiduciary Assistant®: 100+ per pay period data checks
Provide additional support to plan participants
Benefits of 3(16) Fiduciary Services
For your clients
Reduced day-to-day administrative burden
Mitigate risk through greater support for IRS and DOL regulations
Reduce plan errors and boost efficiency
Enable business growth and increase efficiencies of in-house teams
For your practice
Better fiduciary support for clients
A more consistent service experience across plans
More time to focus on growth and relationships
Can preempt errors to save time and offer peace of mind
Our Fiduciary Assistance Service Checklist can help you discover what tasks a plan sponsor might be able to delegate. You can also find this in the resources section.
Why choose FuturePlan?
FuturePlan’s model is built around dedicated expertise, consistent execution, and a service team focused exclusively on 3(16) plans.
In depth expertise
Specialized teams:
Our service, operations, and payroll experts average 15 years of industry experience, working collaboratively to provide robust oversight, timely plan management, and an elevated client experience.
Flexible solutions:
We offer three tailored service levels, designed to meet unique client needs, delivering peace of mind, operational efficiency, and participant and payroll support.
Innovative capabilities
Advanced data analysis:
Reviews over 100+ data points to eliminate errors and ensure compliance.
Real-time monitoring:
Customized reporting and notifications keep payroll file timeliness on track.
Proven results
Fiduciary liability coverage:
We assume fiduciary responsibility, giving clients peace of mind.
Decade of innovation:
With over 10 years of leadership in 3(16) services, we’ve achieved a 97% retention rate.
Client satisfaction:
Our best-in-class NPS score of 80 for our 3(16) Center of Excellence reflects high client satisfaction and strong recommendations.
97%
retention rate for these plan types
7-year
weighted average client tenure
Credentialed retirement plan professionals and ERISA support
Dedicated 3(16) Center of Excellence
Three distinct service levels designed to meet unique client needs
The 100-point payroll data integrity check
Identify challenges before they become problems
Partnering with FuturePlan offers the advantage of proactive payroll oversight. Instead of waiting until the plan year-end to detect errors, FuturePlan's Fiduciary Assistant® payroll data integrity checks help identify issues early.
The best defense against common mistakes.
63
for contribution errors
7
for loan processing
17
for census data
11
for eligibility calculations
Immediate review
Checks are designed to identify issues before they become larger problems.
Stronger data oversight
A more active review process helps improve data quality and accuracy.
Fewer downstream corrections
Catching errors earlier can reduce cost, disruption, and year-end cleanup.
Insights for advisors
Explore resources that help advisors better understand 3(16) fiduciary responsibilities, evaluate provider models, and have more confident client conversations.
3(16) Buyers Guide
FuturePlan Fiduciary Services Checklist
The Different Types of Fiduciaries
Fiduciary Assistant® for Payroll Data Integrity
Leadership
Behind FuturePlan's deep capabilities is an experienced leadership team dedicated to delivering innovative solutions.
FuturePlan's 3(16) Center of Excellence consists of associates across our organization dedicated in service, onboarding, and operations. Having this dedication allows us to deliver on our clients' expectations and relieving them of certain fiduciary responsibilities.
Ready to bring more 3(16) support to your clients?
If you’re looking to deliver tailored outcomes for your clients with the support of a trusted partner who ensures accuracy and reliability in plan administration, let’s have a conversation.
Appointment of a 3(16) fiduciary does not eliminate all fiduciary obligations of the plan sponsor.