Nova 401(k) Associates and our affiliate, Administrative Fiduciary Services Inc. (collectively “NOVA”), are writing to provide comments with respect to IRS Notice 2020-68 (the “Notice”). Nova is a third-party administrator serving over 6,500 employers. Our current practice also includes multiple employer plans (‘MEPs’). Nova’s primary focus is on employers with fewer than 2,000 employees. Our affiliate, Administrative Fiduciary Services Inc. (‘AFS’) serves as an independent administrative fiduciary and provides administrative fiduciary services and support.
Nova 401(k) Associates and our affiliate, Administrative Fiduciary Services Inc. (collectively “NOVA”), are writing to provide comments with respect to the Notice of Proposed Rulemaking (“Proposal”) to provide a registration process for pooled plan providers (“PPP”) who wish to sponsor a pooled employer plan (“PEP”). Nova expects to register as a PPP and is supportive of the Department of Labor’s (the “Department”) regulatory initiative.
On July 21, 2015, Nova 401(k) Associates submitted a comment letter on the Department of Labor’s proposed fiduciary regulations. After many years the Department of Labor proposed a new definition of fiduciary. The definition of fiduciary had not been updated to reflect the great number of 401(k) plans. The proposed definition is designed to better protect … Read more