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211. What are the timing rules for submitting employee deferral contributions into the plan?

     Created On: 09/28/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Compliance FAQ
     Department of Labor (DOL) regulations require an employer to segregate employee contributions, including loan repayments, from its general assets at the earliest date on which the contributions can reasonably be segregated from corporate assets, but...

212. What is a Controlled Group (Code Section 414(b) & (c))?

     Created On: 09/28/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Compliance FAQ
     A controlled group is a group of related businesses that have common ownership. For purposes of determining qualification of plan(s), all employees of all corporations which are members of a controlled group of corporations, within the meaning of S...

213. Who is the Plan Administrator?

     Created On: 09/27/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Account Maintenance FAQ
     The person(s) or entity identified in the plan document as having responsibility for running the plan. It may be the employer, a committee, a company executive or someone hired for that purpose (3(16) Plan Administrator). A Plan Administrator may be...

214. Who is the Plan Sponsor?

     Created On: 09/27/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Account Maintenance FAQ
     The term Plan Sponsor refers to the Employer who established and maintains the Plan. The entity is defined in the Plan Document. The Plan Sponsor has several major responsibilities: To act in the interest of the participants and beneficiaries To ...

215. Who and What is a Fiduciary?

     Created On: 09/27/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Account Maintenance FAQ
     A fiduciary is any person who uses their own discretion when administering and managing the plan or controlling the plan’s assets. Fiduciary status is based on functions performed, not just a person’s title. They ordinarily include the trustee(s), i...

216. Who is the Third Party Administrator (TPA)?

     Created On: 09/27/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Account Maintenance FAQ
     Sentinel Benefits & Financial Group is the third party administrator and recordkeeper, a non-fiduciary, helping you fulfill your administrative and compliance responsibilities in connection to the retirement plan. This includes assistance with compl...

217. What is a Fidelity Bond?

     Created On: 09/27/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Account Maintenance FAQ
     ERISA requires that every fiduciary of an employee benefit plan and every person who handles plan funds be bonded. These bonds cover the plan from loss of assets due to fraud or dishonesty. The ERISA bond is required to protect the participants and ...

218. What are 3(16) Plan Administration Services?

     Created On: 09/27/2018 in Retirement Plan Administration Frequently Asked Questions (FAQ) Account Maintenance FAQ
     Every tax-qualified retirement plan must have a person that serves as the “Plan Administrator” as defined in ERISA Section 3(16). The Plan Administrator is a statutory plan fiduciary and is ultimately responsible for all aspects of running the ERISA...

219. Online Enrollment Instructions

     Created On: 09/25/2018 in Reimbursement Accounts Document Library
     Instructions for enrolling online through the Sentinel Group website. Only to be used during annual open enrollment by employers utilizing the Sentinel website for online enrollment. Sentinel Online Enrollment Instructions ...

220. FSA Eligible Expense Lists

     Created On: 09/25/2018 in Reimbursement Accounts Document Library
     List of eligible items for Medical and Dependent Care FSA.

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