plan administrator definition
Plan administrator. Plan Administrator. The person or company that manages a pension. That is, the plan administrator makes investment decisions with the contributions the employer and/or employees have made. The plan administrator is responsible for keeping the pension on sound financial footing.
Â§ 2510.3-16 Definition of âplan administrator.â. (a)In general. The term âplan administratorâ or âadministratorâ means the person specifically so designated by the terms of the instrument under which the plan is operated. If an administrator is not so designated, the plan administrator is the plan sponsor, as defined in section 3(16)(B) of ERISA.