As a plan sponsor or trustee, you may need to update fiduciary roles, company information, or plan provisions from time to time. This article explains the responsibilities of each role, what updates you can make, and how to complete them.
Who This Applies To
This information is for employers, plan sponsors, and trustees responsible for managing a Ubiquity 401(k) plan.
Understanding Fiduciary Roles
Plan Administrator (may also be the Plan Sponsor):
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Usually the individual at your company authorized to manage the day-to-day operations of the 401(k) plan.
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Has access to confidential employee data and plan-specific information.
Trustee:
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Appointed by the employer or plan sponsor.
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Responsible for overseeing plan assets and ensuring they are managed in the best interests of participants and beneficiaries.
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Has authority to sign plan documents and make investment selections.
Updating Fiduciary Roles
How to Update the Plan Sponsor/Administrator
Only the Trustee can make this change. To add, remove, or designate a new Plan Sponsor/Administrator:
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Complete the Plan Administrator Update Form (check your downloads folder if you’ve already requested it, or contact us to obtain a new copy).
How to Add or Change a Trustee
If you need to add or replace a Trustee:
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Contact our Support team.
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We’ll provide the appropriate form(s) and detailed instructions to ensure the change is processed securely.
Updating Company Information
If your company’s address or telephone number changes:
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The Plan Administrator must contact us directly.
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We’ll update your account record and plan documents with the new information.
Updating Plan Provisions
You may wish to update your plan design—for example, changing eligibility rules, contribution types, or vesting schedules.
How to Request a Plan Change
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Contact our Support team via email or online chat.
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A team member will:
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Review your requested changes.
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Confirm if the changes are allowed under IRS regulations and your service agreement.
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Provide clear instructions on how to formally request the amendment.
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Are There Any Fees?
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Yes. Some changes may require amended plan documents, which may carry a fee.
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Our team will explain any costs before moving forward so there are no surprises.
What Happens If You Don’t Update Fiduciary or Company Information
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Outdated fiduciary or company information could delay plan administration or compliance reporting.
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Not updating plan provisions properly could create compliance risks with the IRS or Department of Labor.
Need Help?
If you need assistance with fiduciary updates, company information, or plan changes, please contact us.