Recordkeeper
In OctaveWealth's capacity as a recordkeeper, OctaveWealth maintains the day-to-day recordkeeping for the 401(k) plan and is responsible for ensuring that records of trust activity are maintained and reconciled against the custodian’s records. OctaveWealth will also furnish trust statements produced by your plan’s custodian, Matrix Trust Company.
3(38) investment fiduciary
Plan sponsors may choose to appoint an investment manager to maintain the plan's investment options. OctaveWealth may take on this role for your plan as the investment fiduciary within the meaning of Section 3(38) of ERISA.
In accordance with its investment manager responsibilities, OctaveWealth oversees plan investments in compliance with the plan’s Investment Policy Statement. In addition, as the plan is intended to be ERISA 404(c) compliant, the liability of plan fiduciaries over the investment decisions of participants is limited.
3(16) administrative fiduciary
Plan sponsors may choose to delegate responsibility for plan administration to another party. OctaveWealth may take on this role for your plan as the plan administrator within the meaning of Section 3(16) of ERISA.
When carrying out its duties as the plan administrator, OctaveWealth shall administer the plan in accordance with the written 401(k) plan document and approve and administer all benefit payments to participants and beneficiaries, including the timely processing of distributions, loans, and hardship withdrawals, as well as provide required participant benefit statements and plan information to participants.