According to a press release from the Washington, D.C.-based group, ASPPA has established the qualification standards on which recordkeepers will be reviewed and evaluated for this new certification. ASPPA has partnered with the Centre for Fiduciary Excellence (CEFEX) for the audit methodology and delivery of the certification.
Recordkeepers who meet the criteria set by ASPPA will get a certification.
The standards of practice for the recordkeeper certification will be similar in structure to those published in 2006 by Fiduciary 360 for fiduciary advisers, managers, and plan sponsors.
“Since recordkeepers play an integral role in helping fiduciaries fulfill their obligations, it is appropriate to provide a program where they can demonstrate their adherence to the standard. This certification fulfills that need,” said Brian Graff, Executive Director of ASPPA, in the press release.