Charlotte, North Carolina-based PlanTools has released what it terms the industry’s “first integrated cost effective 408(b)(2) solution.” According to a press release, PlanTools 408(b)(2) provides the necessary flexibility to address all the disclosure variables that are unique to each plan to satisfy the requirements of a reasonable contract or arrangement.
Additionally, the announcement notes that PlanTools “simultaneously benchmarks fees for services rendered to document the process of assessing reasonable fees”, and notes that the resource “automates the process to safely store and date stamp all disclosures in an offsite backed up secured facility to meet the plan sponsor’s and service provider’s objective to secure and store proof that all disclosures were properly and timely delivered”.
David Witz, Managing Director of PlanTools notes “There is no other solution currently available that provides plan sponsors and service providers the ability to comprehensively meet the disclosure requirements of reasonable contracts and fees while eliminating the burden of safely storing the data for easy retrieval in case of a DOL audit.”
Witz went on to note that, “…if 408(b)(2) is considered a material risk for plan sponsors our automated document lockbox system will provide all parties easy access to the necessary materials to improve the efficiencies of the audit and satisfy plan auditors that the imposed disclosure obligations have been met.”
For more information or to demo the 408(b)(2) solution, visit http://www.fraplantools.com.