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Press Release Newport to Assist Clients by Offering Vital 3(16) Administrative Fiduciary Services at No Cost |
Issued by Newport Group Mar. 26, 2020 |
Walnut Creek, CA – March 26, 2020 – Newport retirement services announced today cost-free 3(16) administrative fiduciary services as a way to assist clients and their human resource departments as they respond to issues stemming from the coronavirus (COVID-19) pandemic. During this challenging time, employers are experiencing a surge in the plan administration activity required of human resources personnel. Newport anticipates plan sponsors will also see an increase in loan and hardship distribution requests, in particular, as more employees seek funds to cope with unexpected expenses, market volatility or wage reduction. Additionally, upcoming changes in legislation will make it increasingly difficult for plan sponsors to stay current on plan administration requirements. As relief, Newport is providing complimentary 3(16) administrative fiduciary services to clients for the remainder of the 2020 calendar year /*/. When a client engages us for this service, our team of retirement professionals and ERISA experts manage the day-to-day administrative tasks of the company-sponsored retirement plan. “Our clients, like all companies across the country, are focused on two things: protecting the health of their employees while serving their customers” said Newport Chief Executive Officer Greg Tschider. “This is our way of providing them with some relief so they can focus on what’s critical — keeping their people safe, while keeping their business running.” With this service, Newport will assume fiduciary responsibility for administrative functions related to the company’s retirement plan. Newport’s ERISA experts will:
For more information on Newport’s 3(16) administrative fiduciary services view here, call your dedicated Newport representative or a sales representative at 855-751-2127. About Newport /*/ Some restrictions apply. Newport clients should contact their dedicated client service manager for more information regarding eligible plan types and other requirements. BL:hh |
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