Products August 5, 2008
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.
Reported by Fred Schneyer
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.