The app provides subscribers with a single page, multi-category benchmarking report that captures a list of documents and reports needed to assess fee reasonableness. Users can also employ the app to support Employee Retirement Income Security Act (ERISA) 408(b)(2) compliance efforts and establish a procedurally prudent fee assessment process, designers said.
App users must complete a brief input survey to generate the customized reporting.
Current FRA PlanTools subscribers are eligible for a free report through October 18. The reporting tool can also be purchased through Apple’s App Store.
A model report is available here.