Products March 11, 2014

Tool Helps Reduce Risk for 401(k) Plans

OTB Strategic Consulting, Inc., a business advisory firm, has launched The FIRE System, an online 401(k) self-assessment tool for plan fiduciaries.
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The tool is designed to quickly find areas of noncompliance for plans and provide solutions to correct them. OTB developed the tool jointly with Akros Fiduciary Management.

The FIRE System provides boards of directors, as well as CEOs, internal auditors and human resource executives, an independent review of any size traditional or safe harbor 401(k) plan’s fiduciary risk and compliance. The tool analyzes responses to questions regarding possible areas of noncompliance with many ERISA [Employee Retirement Income Security Act] laws and regulations as overseen by the Department of Labor (DOL) and the Internal Revenue Service (IRS), including regulatory interpretations/opinions, court decisions and industry best practices.

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The tool also provides plan sponsors with a written report with a variety of reporting options, from a basic risk level, evaluation and education to a more in-depth analysis with specific violations/solutions and a more advanced education to help plan sponsors and their fiduciaries become and continue to stay compliant in a time-efficient and cost-effective manner. The free report, along with educational materials, can be printed, downloaded or saved to download at a later date.

“More and more we live in a regulatory world and many plan sponsors and employers may not be fully aware of the complexity and scope of their fiduciary responsibilities under the law,” says Deborah A. Castellani, principal and senior fiduciary specialist, OTB Strategic Consulting, Inc., based in Austin, Texas. “The FIRE System makes them stronger in their role as a fiduciary by better understanding the complicated DOL and IRS rules and regulations that govern 401(k) plans, helping to bring plans into compliance, and educating plan sponsors and their fiduciaries on how to avoid fiduciary liability and personal risk.”

A free 401(k) risk assessment is available at www.thefiresystem.com. In addition, OTB has a free informational document about understanding the complexity and roles of the IRS and DOL regulators, and how to be prepared as a 401(k) plan sponsor, available to download at www.thefiresystem.com/article-irs-vs-dol.

Deals & People March 11, 2014

SageView Names Chief Marketing Officer

Jeff Gratton, a managing director at the independent retirement advisory firm SageView, has been promoted to the role of chief marketing officer.
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The firm says Gratton will continue in his role as managing director of SageView’s Minneapolis office, where he supports about 60 plan sponsors of large and mid-sized organizations by assisting with fiduciary oversight, investment selection and monitoring, and plan design. In the expanded role as chief marketing officer, Gratton takes on the additional responsibility of directing company-wide marketing strategies. He will also fulfill national speaking engagements and lead recruiting efforts for the firm.

“Our goal is to continue to build a corporate brand that delivers new opportunities, leverages our position in the retirement industry and resonates with our clients,” explains Randy Long, SageView’s founder and CEO.

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Since joining SageView, Gratton has worked on many of the firm’s marketing and business development initiatives, such as promoting the firm’s 3(38) fiduciary protection and participant advice services. Gratton has also worked closely with outside partners to cross-sell SageView’s various retirement and financial services.

Gratton received a bachelor’s degree from University of Missouri and earned an M.B.A. from Rockhurst University. He holds the Qualified 401(k) Administrator designation from the American Society of Pension Professionals & Actuaries and the Certified 401(k) Professional designation from The Retirement University/UCLA Anderson School of Management Executive Education.

More information about SageView is available at www.sageviewadvisory.com.

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