The certification program will now be called “The ASPPA Retirement Plan Service Provider Certification” instead of the “ASPPA Recordkeeper Certification” to accurately reflect the scope of retirement plan administration within the certification program, according to the announcement.
Other changes include a revision to the assessment process to distinguish best practice criteria that applies only to recordkeeping firms from criteria which applies to all firms. CEFEX and ASPPA are also working to update the certification methodology to conform with recent changes to the ERISA 408(b)(2) regulation effective in July 2011—including metrics on how to verify a provider adheres to the new fee disclosure regulations.
ASPPA and CEFEX will add three experts to the analyst team:
- Richard Carpenter, President and Founder, USVI Pensions and Consulting;
- Chris L. Stroud, President of Simoneaux & Stroud Consulting Services; and
- Laura S. Moskwa, of Laura S. Moskwa Consulting.
“Each have an average of 30 years experience in the recordkeeping and administration industry and have already provided invaluable guidance to the program to date. They will now be directly engaged in providing assessment services as analysts,” said Carlos Panksep, General Manager, CEFEX, in the announcement.