Roles
NWA – Third Party Administrator
- Design, produce, amend and restate the Plan Document
- Run plan design options
- Maintain compliance with regulations
- Complete any necessary tests
- Prepare annual Form 5500s and any necessary schedules
- Prepare necessary annual Safe Harbor notice if applicable
- Prepare the Summary Annual Report
- Prepare and track participant distribution and loan paperwork
Financial Advisor
- Accept deposits and track participant account balance
- Provide participant statements
- Provide enrollment materials
- Offer range of investment options
- Process investment transfer requests
- Process investment transfer requests
Investment Provider
- Accept deposits and track participant account balance
- Provide participant statements
- Provide enrollment materials
- Offer range of investment options
- Process investment transfer requests
- Process investment transfer requests
Plan Sponsor
- Tracks employee eligibility
- Distributes required employee notices
- Monitors and selects providers
- Withholds and submits employee contributions and loan payments to Investment Provider
- Reviews and signs Plan Documents and annual Federal Filings
- Completes final approval for participant distribution and loan transactions
Auditor
- Evaluate the Plan Sponsor internal controls
- Review testing documentation
- Perform analytical procedures on participant contributions and account balances
- Provide an opinion on whether the Plan’s financial statements are presented accurately