Benefits Firm Offers Fiduciary Checkup Product

A St. Louis-based firm has unveiled Fiduciary Health Check to help employers meet their legal responsibilities for their retirement plans.

A Benefit Plans Plus news release said Fiduciary Health Check offers:

  • Help in identifying fiduciaries (named & functional),
  • Plan document review (terms of plan, eligibility, distribution options & model amendments),
  • Required employee communications (disclosures, safe harbor, reporting, QDIA notices, salary reduction notices & multiple statements),
  • Vendor specific review of products, features and tools,
  • Compliance testing (ADP, ACP, etc.),
  • Form 5500 (timely contributions & proper filing),
  • Insurance coverage review (fidelity bond, fiduciary insurance policy).

Additional consulting services include:

  • Fee analysis (total plan cost including billed fees, investment expenses, asset charges, recordkeeping),
  • Fiduciary investment process review (investment policy, monitoring, diversification & performance),
  • Plan design (contribution efficiency & after-tax cost), and
  • Fiduciary compliance management (corrections assistance, vendor and adviser searches).

More information is available here.