Pershing Reveals New DC Plan Oversight Tool

The solution is aimed at helping advisers and home offices realize better efficiencies and increase transparency in retirement plan management.

BNY Mellon’s Pershing announced the launch of a new solution to help home offices and plan advisers achieve greater consistency and efficiency in how they service retirement plans.

As the firm explains, the Retirement Plan Oversight Tool underscores Pershing’s continued focus on bolstering its retirement plan offerings.

“The future of the DOL fiduciary rule expansion may be in limbo, but firms had been looking to improve oversight of ERISA plans well before the DOL tried to expand the definition of fiduciary,” observes Robert Cirrotti, managing director and head of retirement and investment solutions at BNY Mellon’s Pershing. “Our oversight tool creates greater transparency for firms to manage where and when they act in a fiduciary capacity, leading to improved business controls and governance practices.”

The Retirement Plan Oversight Tool is implemented as part of Pershing’s existing Retirement Plan Network. The solution is billed as “an integrated compliance and oversight tool that allows home offices to create up to four sets of best practices and protocols for their plan advisers to follow when servicing retirement business.”

Once a firm establishes a set of requirements, plan advisers utilize the tool to guide how they service their individual retirement plan business and document their adherence to their firm’s requirements. An easy-to-understand dashboard can be viewed in real-time by both plan advisers and home office employees for seamless management of retirement plan business.

“The goal was to develop a solution that helps create consistency in how retirement plans are serviced and enhances the compliance experience for both plan advisors and executives,” Cirrotti adds.

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