To help plan sponsors with fiduciary duties and day-to-day administrative tasks, BB&T Retirement and Institutional Services has created 3(16) Alliance Services.
Section 3(16) of the Employee Retirement and Income Security Act (ERISA) addresses the tasks of the retirement plan administrator, which carries a range of fiduciary and non-fiduciary tasks in operating and administering the plan.
BB&T Retirement and Institutional Services will authorize and process participant loans and distributions for its 3(16) Alliance Solution clients, as well as determine the validity of qualified domestic relations order submissions.
Using 3(16) Alliance Services allows a plan sponsor to focus on its core business, while the BB&T team works on the administrative duties of the plan, the company says. Paperwork and administrative burdens are reduced for the plan sponsor, saving time and resources.
More information is available at BB&T’s website.