| Roles |
Responsible Party |
|
|
| I Recordkeeping Services |
|
|
|
- Develop Payroll Interfaces
|
PA |
- Process Employee Deferrals
|
PA |
- Reconcile Contributions with CO
|
PA/CO |
- Direct immediate investment in compliance
|
PA |
- Maintain records in accordance with standards
|
PA |
- Maintain contingency backup capability
|
PA |
- Records to be property of the State
|
PA |
- Direct transfers and distributions in compliance
|
PA |
- Reconcile balances with investment providers
|
PA |
|
|
| II Plan Reporting |
|
|
|
- Prepare and distribute asset, contribution, distribution reports for CO as required
|
PA |
- Provide audited statements on all activity
|
PA |
- Prepare and maintain manual of operating procedures
|
PA |
- Prepare and maintain formal plan document
|
PA |
- Provide quarterly statements of accounts for participants
|
PA |
- Provide necessary reports for compliance with IRC reporting requirements
|
PA |
|
|
| III Trustee Services |
|
|
|
- Maintain accounts with financial institutions as necessary to facilitate distribution,
withdrawals, and contributions
|
PA |
- Maintain reconciliations with financial institutions as necessary
|
PA |
|
|
| IV Employee Enrollment and Education |
|
|
|
- Develop Forms necessary for employee enrollment and changes in status for participants
|
PA |
- Assist employees in completing forms as necessary
|
PA |
- Educate employees as to provisions of plan, benefits of plan, and other related
considerations
|
PA |
- Provide employees/participants with all necessary documentation regarding plan
|
PA |
- Monitor elections and contributions to assure compliance
|
PA |
- Develop and produce materials necessary to educate participants regarding enrollment and
investment options
|
PA |
- Maintain toll free numbers as required to adequately respond to participant inquiries
with necessary personnel including interactive voice response.
|
PA |
- Develop a plan for educational services to be submitted to CO for review and approval
|
PA/CO |
|
|
| V Benefit Payments and Distributions |
|
|
|
- Disburse benefits as appropriate and as instructed
|
PA |
- Provide for direct deposit services
|
PA |
- Prepare and distribute necessary tax forms and information
|
PA |
|
|
| VI Investment Services |
|
|
|
- Develop method for integration of investment education within overall educational
material
|
PA/CO |
- Assist in final selection of investment advisors for plan
|
PA/CO |
- Provide data necessary for ongoing evaluation of investment providers performance for CO
and for participants
|
PA |
- Assist in coordination of prior investment options within plan as developed
|
PA |
- Coordinate and direct transfer of assets upon termination of any investment option
|
PA |
- Suggest and recommend the addition of options if appropriate
|
PA |
- Assure mechanism for independent assessment of investment alternatives by participants
within context of necessary fee and compensation structures of advisors
|
PA |
- Terminate investment advisors failing to achieve stated objectives
|
PA/CO |
- Maintain contractual relationship with investment advisors
|
PA/CO |
|
|
| VII Other |
|
|
|
- Reconcile state payroll data with deferral records
|
PA/CO |
- Select PA and manage contract with PA
|
CO |
- Evaluate PA performance
|
CO |
- Act as fiduciary for the plan
|
CO |
- Process and approve early withdrawals
|
PA |
- Participate in semi annual full plan review
|
PA/CO |
- Provide personnel necessary for all functions above
|
PA/CO |
- Advise as to changes or proposed changes in federal statutes or regulations that might
affect the management of the plan
|
PA |
- Advise as to material events that might prevent the PA from effectively discharging its
duties under its agreement
|
PA |
