Feb 06, 2012
--- Roland|Criss published its third in a series of
white papers addressing the new 408(b)(2) regulation’s specific impact on
retirement plan sponsors. ---
The white paper, titled “The ROI of
a 408(b)(2) Audit,” outlines how engaging in an annual 408(b)(2) audit can
significantly minimize plan sponsors’ risk under the new Department of Labor
(DoL) regulation.
According to the paper, an audit
allows for the objective and careful examination of key practices, vendor
agreements and vendor effectiveness for retirement plan sponsors. One of the
key challenges to implementing the requirements for plan sponsors will be how
to interpret and assess their vendor’s reports and fees,which is a
responsibility plan sponsors have not had in the past. The audit enables an
independent third-party to ensure the plan sponsor organization complies with
408(b)(2) and aligns with proper standards for fiduciary practices.
The white paper also utilizes a
real-world case study to illustrate how the 408(b)(2) audit represents a true
return on investment for plan sponsors.
The white paper can be viewed in its
entirety at: http://www.rolandcriss.com/news/408(b)(2)_Audit_Part3.pdf.
Tara Cantore