Red Bank, NJ, October 13, 2017 --(PR.com
)-- Northeast Professional Planning Group, Inc. (NPPG) a leading national employee benefits, retirement planning and actuarial consulting firm that provides ERISA 3(16) Administrative Fiduciary Services through NPPG Fiduciary Services LLC (NPPG-FS) has entered into an ERISA 3(16) Administrative Services Partnership Agreement with Prime Pensions, Inc., an actuarial and record keeping firm headquartered in Florham Park, NJ.
The agreement provides Prime Pensions with the capability to provide a comprehensive fiduciary compliance solution administered by NPPG-FS to their firm’s plan sponsor clients. The plan sponsor may elect to appoint NPPG-FS as the ERISA 3(16) Plan Administrator. As the appointed ERISA 3(16) Plan Administrator, NPPG-FS accepts most of the administrative fiduciary responsibilities and liabilities, thereby alleviating the plan sponsor from managing the day to day complexities of plan compliance as well as limiting fiduciary risk and liability exposure.
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for retirement and health plans to provide protection for individuals in these plans. Employers who sponsor benefit plans must ensure that the plan and its operations abide by the laws and regulations set forth in ERISA. Government oversight of retirement plans has significantly increased in recent years with employers receiving audit notices to ensure that the plan meets compliance adherence. Plans found not to be in compliance with ERISA’s regulations could be subject to costly fines from the Department of Labor and/or the Internal Revenue Services and potential litigation from plan participants.
“Our agreement with Prime Pensions, Inc., to offer ERISA 3(16) Administrative Fiduciary services, emphasizes Scott and Mikel’s steadfast commitment to the clients of Prime Pensions,” comments Michael M. Salerno, Founder and President of NPPG and NPPG-FS, Mr. Salerno continues, “As retirement plan experts with over 40 years of in-depth industry experience, Scott and Mikel understand the risks that plan fiduciaries face; and have entrusted NPPG-FS with providing Prime Pensions clients with a comprehensive compliance solution.”
Scott Feit, Principal of Prime Pensions, comments, “There is a growing concern amongst plan sponsors with regards to fiduciary responsibility and the associated liability and compliance risks,” Mr. Feit continues, “as a Third-Party Administrator (TPA) we want to ensure our plan sponsors have access to all resources available to retirement plans; and by partnering with NPPG-FS, we are confidently able to do so.”
About Northeast Professional Planning Group, Inc.
NPPG is an independent full-service employee benefits, retirement planning and actuarial consulting firm; NPPG also provides Retirement Plan Third Party Administration (TPA). NPPG administers more than $2 billion in assets and more than 2,000 plans for clients nationwide. A full suite of ERISA compliance services, including ERISA 3(16) Administrative Services are provided by NPPG Fiduciary Services (NPPG-FS). NPPG operates with its clients’ best interest in mind, customizing solutions to meet their business and financial goals. NPPG clientele is located throughout the nation with regional emphasis in NY, NJ, PA and CT. Clients include members of the New York stock exchange, school boards, government agencies, public companies as well as small entrepreneurial businesses. For further information, contact Northeast Professional Planning Group, Inc. corporate office in Red Bank, NJ at (732) 758-1577 or visit us online at www.nppg.com.
About Prime Pensions, Inc. Prime Pensions, Inc., owned by Scott Feit and Mikel R. Uchitel, is an actuarial and recordkeeping firm which is committed to providing high quality, personalized design and ongoing administrative services for qualified Plans. The Firm’s sole focus is 401(k), profit sharing and defined benefit plans. The Firm, established in 1975 is well known for their innovative Plan designs and provides a flexible customized approach to accommodate different investments and types of Plans.