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INTRUST Retirement realizes the retirement industry can be complex. You may find these questions (and answers) helpful.

Q. How long has INTRUST Retirement been in business?

A. Our role as a fiduciary for qualified plans predates ERISA and began in the late 1960s. INTRUST Retirement has provided trustee administrative and recordkeeping services to retirement plans since 1996. Though the industry has changed considerably over the years, our core tenets remain the same:

  • Serve as a fiduciary
  • Always do what’s right for plan participants
  • Consistently deliver choice, objective and flexible, client-centric solutions

Q. What regions does INTRUST service?

A. INTRUST’s banking roots are in Wichita, Kansas, specifically and the Midwest in general. However; our retirement plan business has a geographic footprint that includes all 50 states and Puerto Rico. The extent of our reach is a reflection of our ability to provide customized solutions for the plan sponsors we serve.

Q. What plan sizes does INTRUST serve?

A. INTRUST works with employers with fewer than 50 participants wanting a start-up plan, up to and including, employers with more than 10,000 participants with retirement plan balances greater than $100 million. We partner with clients looking for a fiduciary who offers customized retirement plan solutions that meet their unique business needs and provide their employees with a means to achieve financial security at retirement.

Q. Does INTRUST serve only 401(k) plans?

A. While it’s true that 401(k) plans are the plans of choice for many businesses these days, we design plans based on what’s best for each employer and their employees. We know that the type of plan and its unique design contribute to successful retirement outcomes. We bring our consultative, flexible approach to each engagement. It’s possible the best plan for your business might be a 401(k) plan, or it might be a Profit Sharing plan, a Defined Benefit Plan or a Cash Balance plan.

Q. Will INTRUST serve as a partner with institutions and/or advisors?

A. INTRUST has strategic partnerships with financial institutions who introduce us to their client base. We’re always open to mutually beneficial partnerships that bring value to retirement plan sponsors. We’ll gladly serve as an investment adviser, an investment manager, a custodian, or a consultant. Our goal is to serve your needs as our client.

Q. What does INTRUST do to make life easier for plan sponsors?

A. Our services are designed to ease the stresses and complications of retirement plan sponsorship. Here’s how we do it:

  • You have one point of contact at INTRUST for questions about your plan.
  • You have direct access to our experienced professionals.
  • We specialize in the retirement business. That’s all we do. We offer experience, expertise and a genuine passion for getting things done right—the first time.
  • We take on ERISA 3(16) responsibilities specific to participant loans, QDRO procedures and administration, annual plan notices, participant notices, distribution processing and a myriad of details you won’t have to manage.
  • We offer a fiduciary partnership that will help keep your plan in compliance. We manage it all, from plan design to fund choices to daily administration to participant education.
  • You focus on your business. We focus on your retirement plan—that’s our business.

Q. How does INTRUST keep costs down?

A. Before you choose a retirement plan partner, we encourage you to evaluate plan fees. Take care to ensure they are reasonable and transparent; and that you are paying only for necessary services. Our fees meet these criteria. INTRUST Retirement offers the size and scope—serving more than 45,000 participants and more than $1.8 billion in plan assets—to benefit from competitive pricing from strategic partners. We can facilitate ERISA revenue recapture, an important way to reduce overall plan costs. Additionally, we use institutional share class funds when available.

Q. What does INTRUST do to reduce risk?

A. As a plan sponsor, the most effective way you can reduce risk is to partner with a firm like INTRUST, that specializes in retirement plans. Because INTRUST also serves in a fiduciary role—assuming important legal responsibilities for your plan—your risk is further reduced. INTRUST also reduces risk by offering a transparent fee schedule, which means you avoid excessive and unexpected fees. We also believe that improving retirement readiness for plan participants is another way to reduce risk. That’s why we offer NestEgg U, a proprietary education program designed to help your employees become actively engaged in planning for their retirement future. We excel at designing plans that don’t overwhelm participants with too many choices, yet allow for diversification across investment categories. All of these are effective ways to manage risk.

Q. Does INTRUST work with proprietary funds?

A. No. One of our primary goals is to demonstrate objectivity in everything we do. INTRUST does not own, advise, or sponsor proprietary funds. This freedom allows us complete objectivity in designing your retirement plan investment lineup. It keeps decision making straight forward. We take the ERISA mandate that a retirement plan is for the exclusive benefit of its participants and beneficiaries seriously! When you work with INTRUST, it’s simple—we do what’s right for you.

Q. What is NestEgg U?

A. NestEgg U is INTRUST’s specially developed participant education program, designed to educate, engage and motivate plan participants to save for their retirement. In fact, INTRUST was one of the earliest providers of a formalized education program managed by a dedicated staff – we have been delivering employee education for more than 18 years. We founded NestEgg U because we understood how important education is to creating successful retirement outcomes. We wanted to deliver employee education in new and creative ways. The NestEgg U team designs and builds its own curriculum and educational materials with a clear goal to engage, educate and motivate participants. At INTRUST, we believe participant education is not optional. And neither is NestEgg U—it’s part of our standard offering to each plan.

Q. Who is a retirement plan fiduciary?

A. A person is a fiduciary with respect to a plan to the extent he or she “exercises any discretionary authority or discretionary control regarding the management or disposition of plan assets.”

Q. Am I a fiduciary?

A. You may be a named fiduciary (named in the plan document). You may also be a fiduciary based on your role and authority to make decisions about the plan. Investment committees and those responsible for selecting service providers to the plan are examples of fiduciaries.

Q. INTRUST is a named fiduciary. What does that mean?

A. INTRUST is a named fiduciary in your plan document. As a discretionary trustee, we take responsibility for the selection, monitoring, and replacement of the investment choices in your plan. The liability for selecting these investments is ours, not yours. When it comes to managing your retirement plan and reducing fiduciary risk, we think that’s an important issue to consider when determining with whom you should work.

Q. How have new regulations affected the responsibilities of plan sponsors?

A. The responsibility of a plan fiduciary is to act in the best interests of plan participants is not new. But what has changed is the additional responsibility to demonstrate a prudent process in selecting qualified service providers, determining the reasonableness of fees provided for the quality of services rendered, and monitoring investment performance. The new rules also require plan sponsors to communicate information about fees and other information to plan participants.

Q. How does INTRUST help me meet my fiduciary responsibilities?

A. By designating INTRUST as a discretionary trustee, you delegate important responsibilities around the selection, monitoring, and replacement of the investment choices in the plan. In addition, INTRUST provides comprehensive plan level fiduciary support for employee education, plan document maintenance, required participant notices including fee disclosure, and a complete fiduciary assessment of the plan. All of these services are specifically designed to support you in your role as plan sponsor.

Q. Do I still need a 3(21)(ii) ERISA fiduciary?

A. A limited scope 3(21)(ii) fiduciary recommends, but does not have authority to select, monitor, or replace investments. In our role as discretionary trustee, we already go beyond this level of service and accept potential liability for investment related decisions for the plan. With INTRUST, you’re covered.

Q. Do I need a 3(38) investment manager in addition to INTRUST?

A. In our role as a discretionary trustee and named fiduciary, we encompass the role of the 3(38) Investment Manager who has discretion over plan assets and is responsible for selecting, monitoring, and replacing investment choices. We also have the fiduciary responsibility to ensure your plan is operated in compliance with ERISA.

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