The plan administrator is responsible for operating the plan: keeping its records, making sure required filings go in on time, and signing them. Under IRC 414(g) it is whoever the plan document names, or the employer if no one is named.
In a plan covering only you, you are typically the plan administrator as well as the plan sponsor and trustee. In a Maxed plan you hold all three roles and Maxed holds none of them: it prepares the documents, calculations and forms, and you review, sign and file them. It works much like a tax return someone else prepares: the responsibility stays with you.
In practice the role means:
- signing and filing Form 5500-EZ once plan assets pass $250,000, and in the plan's final year
- keeping the actuary's signed Schedule SB and the plan's other records
- making sure the minimum required contribution goes in by its deadline
- telling your provider about changes such as a new hire or a new business
Because a plan covering only an owner and spouse is outside ERISA Title I, the Labor Department's fiduciary and disclosure rules do not apply, which keeps the role small. See how to set up a cash balance plan.