American Pension Services of Clearwater, Florida, is calling the program “adviser-centric,” in that the investment adviser to the plan will be able to stay on as adviser while they are an adopter in the program. Advisers who chose to use “The Platinum 401k” program will be able to concentrate on assisting their clients with individual asset allocation and monitoring adopter-level investment returns.
W. Michael Montgomery of Montgomery Retirement Plan Advisors of Tampa, Florida, serves as a CEFEX-Certified ERISA 3(21) 3(38) plan fiduciary and American Pension Services, Inc. of Clearwater, Florida, serves as the plan’s third-party administrator.
According to APS President and founder, Terrance Power, the selling points of the plan include:
- Elimination of Trustee-level fiduciary exposure
- Elimination of their annual plan audit (if the group is required to have one)
- Elimination of annual Form 5500 filings
- Elimination of cumbersome 408(b)(2) compliance requirements effective July 2011
- Allows Professional Employer Organizations (PEOs) to effectively receive retirement plan commissions from their client companies
- CEFEX-Certified ERISA 3(21) 3(38) plan fiduciary
- Aggregation of plan assets for pricing leverage
- Outstanding opportunity for ‘frozen’ defined contribution plans to eliminate ongoing audit and billable administrative expenses
- Experienced third-party retirement administration services from American Pension Services, Inc. in Clearwater, Florida