3(16) Light: Notice Distribution & Signing Authority

Pollard & Associates does not act in a fiduciary capacity to the plans we administer, but we do provide enhanced services to those clients who want help with duties that are typically handled by the plan sponsor. These may include distribution of Participant notices, submission of 401(k) payroll deductions, and approval and signing for participant loans and distributions.

Notice Distribution Service

Sponsors of all 401(k) plans are required to distribute basic plan Notices to plan participants, either on an annual basis, or an as-needed basis, when a plan provision changes or investment options change. Plans with special features, such as Safe Harbor, QDIA, and Automatic Enrollment, have additional notice requirements on top of the standard ones.  

Pollard prepares all required plan Notices annually as part of our basic administrative fees and provides clients with instructions and a cover memo that can be used to forward to participants for distribution. 

Pollard also provides an enhanced service for those plan sponsors who engage us to directly distribute Notices to participants via email and/or regular mail, including the 404a-5 Participant Fee Disclosure Notice, Summary Annual Report, Safe Harbor, QDIA, Automatic Enrollment Notices (as applicable), and any investment or plan change notices. This takes the actual distribution process off of the client’s plate.

Click here for our Notice Distribution Service Authorization Form which provides additional details and pricing.

Submission of 401(k) Payroll Deductions

Plan sponsors are required to submit payroll deductions for 401(k) contributions and loan repayments to the Plan’s recordkeeper/custodian within a set timeframe based on DOL regulations. For those clients who do not have the in-house personnel to handle this function, or do not work with a payroll service provider that has integration with the plan’s recordkeeper/custodian, Pollard can provide enhanced services to take over this function.

Approval & Signing for Participant Loans & Distributions

Preparation of participant loan applications and distribution election forms is part of the standard services that Pollard performs for its clients, along with review and submission of those forms. For those clients who have a large participant population or do not have the in-house personnel to authorize and sign for each loan or distribution, Pollard can provide enhanced services to take over the approval/signatory function. 

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