The FiduciaCare service was recently launched in order to assist plan sponsors and their advisers through the compliance process associated with managing retirement plans. It offers help in the following areas:
- Becoming Department of Labor- audit ready
- Provides fiduciaries with education on their specific responsibilities and personal risks
- Tools to ensure ongoing operations and reporting are in compliance with ERISA guidelines
- An online Document Vault that allows designated users to upload plan related documents into a centralized location
FiduciaCare was built by ERISA attorneys, advisers, and administrators. The adviser can help the client through the process of setup and use FiduciaCare as a tool when advising the Retirement Committee into the future. Third party recordkeepers and plan sponsors can use the service to get the job of fiduciary compliance completed and save time in the process.FiduciaCare uses an advisory board of ERISA experts that help build and continue to keep the system’s tools consistent with best practices.