What is a Plan Administrator? | IRS Definition of a Plan Administrator
A plan administrator is any individual who is responsible for running a plan, such as a healthcare plan or a retirement plan, though it’s usually used in reference to a financial plan. This individual will often be consulted on the inner workings of the plan, but that does not mean that they have any final responsibility or authority over the plan. Rather, they are to administer the plan in a way that benefits those within the plan, even if they are not solely responsible for policy regarding the plan.
A plan administrator is required to ensure that the plan is being administered under regulations, that those within the plans are communicated with and have the information that they need, and that the plan is managed effectively. They may need to procure the EINs for any structures inside the plan, and may need to update those within the plan for any changes to regulations.