Why are the Envoy Financial Service Agreements Being Restated in 2018?

As a retirement plan provider, Envoy Financial’s support companies include both Envoy TPA and Recordkeeping, Inc. and Envoy Advisory, Inc.

Envoy TPA and Recordkeeping, Inc. provide the recordkeeping and third-party administration services associated with your organization’s retirement plan. Envoy Advisory, Inc. operates as a Section 3(21) co-fiduciary to your organization’s retirement plan and provides the required oversight to the investment menu associated with the plan. 

These companies, and more importantly the services provided by these companies, are expense based. By law, the expenses associated with the retirement plan services provided by each one of these companies need to be fully disclosed. 

The service agreements represent one of the ways that those expenses are disclosed. If your retirement plan is subject to ERISA, the Annual 408(b)(2) Plan Sponsor Fee Disclosure and the Annual 404(a)(5) Participant Fee Disclosure represent other ways that the plan related expenses are fully disclosed.

Recently, Envoy TPA and Recordkeeping and Envoy Advisory reduced their retirement plan related expenses. The new expenses associated with your organization’s retirement plan are reflected in these restated service agreements. As is true with Plan Documents, service agreements associated with the plan need to be kept up-to-date. 

Your retirement plan’s administrator will need to review, sign, and date the following:

  1.  Envoy Advisory Agreement
  2.  Envoy Advisory Investment Policy Statement
  3.  Envoy Third Party Administration Agreement
  4.  Envoy Recordkeeping Agreement