Ministerial Services

The recordkeeper for a retirement plan is primarily responsible for processing the plan’s trading and cashiering transactions that occur in plan participants’ accounts. In addition, recordkeeping firms perform all of the participant reporting, plan usage analysis, and communication with the plan’s custodian.

Some recordkeeping firms also conduct compliance testing with relevant tax laws and file the plan’s annual Form 5500 with the Internal Revenue Service.

Recordkeepers approved by FSMA have passed a rigorous test of their business models, history, qualifications, and credentials.