Blue Ocean Fiduciary Responsibility

Employers in all plans other than a Blue Ocean style plan have 100% liability for monitoring all the services offered under their 401k plan. ERISA Section 409(a) imposes personal liability on fiduciaries that breach their duties. Blue Ocean uses the service of an outside independent Corporate Trustee. Blue Ocean assumes all fiduciary liabilities, {3(16), 3(21) & 3(38)}, with the exception that the Employer must hire and monitor us as their service provider.

Here is how we alleviate most responsibilities for our participating employers:

• We are the Plan Administrator and “Named Fiduciary”.
• We oversee and monitor all aspects of plan compliance and investments
• We review investments (Benchmark fund expenses and investment returns)
• We sign and submit Form 5500 tax reports
• We provide all Participant disclosures
• We consult on corrective distributions, should a failed nondiscrimination test or excess contributions is made.
• We represent the plan in event of audit by IRS or DOL
• We maintain daily accounting for all participant investments
• We create and maintain plan documents and all required government amendments
• We consult with you to determine annual plan contributions
• We process participant loans and distributions