One aspect of SPS 3(16) services that has been favorably received by employers is the ability to out-source the 401k distribution and loan application, approval, and processing for participants. This benefit has proven to create a significant time-savings for employers. The approval of hardship and in-service withdrawals can be delegated as well. Review and Signature Services for the preparation of the Form 5500 are included with the SPS 3(16) services, along with many other employer time-saving opportunities, such as the option to delegate the responsibility of participant notices and disclosure distribution requirements to SPS.

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“The rollout of SPS’s 3(16) services has gone phenomenally well. Delivering services and processes to save employers and their staff time related to the management of their 401k plans has been a focus of SPS over the past year. Feedback has been exceptional. On-ramping plans to the 3(16) Administrative Services has been a breeze,” said Keith Steidle, the SPS’s Founder and Managing Director, to a group of plan advisors last week.

In addition to 3(16) Administrative Services, SPS provides comprehensive 401k, 403b, cash balance, and defined benefit plan administration and actuarial services. SPS’s 3(16) Administrative Services complement SPS Payroll Integrative Services introduced in 2020. SPS provides administration services for employers in more than 30 states across America.

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