Products May 25, 2018

Questis Partners with MX for Data Aggregation

Through the MX partnership, participants with access to the Questis platform can see all of their finances in one place in a clear, organized, visual manner.

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MX, the financial data technology firm, has announced that Questis, a fintech provider of secure financial wellness technology for retirement advisers, has switched to MX for its financial data aggregation needs.

“MX gives our Questis customers a much clearer and more holistic view of their financial health than ever before,” says John Tabb II, co-founder and chief product officer at Questis.

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Questis’ tools for retirement advisers allow participants to “build and stick to action-oriented plans personalized just for them.”

“Unlike other vendors, MX offers redundant connections with multiple data providers—which means that alternative connections are available after a connection failure occurs,” Tabb explains. “With MX, account holders do not have to wait for a new connection to be coded. New connections are often made available quickly after MX becomes aware. It’s the speed and coverage of their connections that we’re most excited about.”

More information is available at www.mx.com/agg.

Compliance May 25, 2018

EBSA Wins Judgement Against Cambridge Technology Group

According to EBSA Regional Director Michael Schloss, Cambridge Technology Group and its CEO made it nearly impossible for retirement plan participants to access their funds; both have been removed as plan fiduciaries.

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The U.S. District Court for the Eastern District of Virginia has ordered the appointment of an independent fiduciary to distribute $535,790 in assets to 24 participants of the Cambridge Technology Group Inc. 401(k) Plan.

The judgement and order also removes Cambridge Technology Group Inc. and the company’s president and CEO Andrew Carrington as fiduciaries.

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The action follows a U.S. Department of Labor Employee Benefits Security Administration (EBSA) investigation that found the McLean-based technology consulting company and its CEO violated the Employee Retirement Income Security Act (ERISA). Specifically, EBSA found that Carrington, who served as plan trustee, “failed to keep participants or the asset custodian aware of his contact information for distribution requests; did not process any distribution requests submitted by participants; and failed to terminate the plan.”

Cambridge Technology Group served as the plan’s administrator.

“Andrew Carrington and Cambridge Technology Group made it nearly impossible for plan participants to access their funds,” explains Michael Schloss, EBSA Regional Director. “They did not fulfill the duties owed to the employee retirement plan, and lost the trust of its participants.”

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