Providers Team up on Fiduciary Services
MIRA has been providing independent fiduciary services to 401(k) plans for the past ten years, helping sponsors ensure they are fully compliant with the Employee Retirement Income Security Act (ERISA).
“We partnered with MIRA for their ability to act as an independent fiduciary for our 401(k) clients. They offer the ability to provide a turnkey process to identify all ERISA plan challenges and the reporting services necessary to be compliant by end of year requirements. Our goal is to make it easy for our clients to be compliant with the new Department of Labor (DoL) regulations taking effect. There is a great deal of confusion as to what is required and how those requirements can be satisfied,” said Steve Davis, CEO of Safe Harbor Asset Management.
ERISA §404(a) and the prohibited transaction provisions in §408(b) (2), requires fiduciaries to evaluate whether service/cost arrangements with 401(k) providers are reasonable. Millenium recently formed a partnership with Castle Rock Innovations as well (see “Firms Partner to Provide Fee Disclosure Solution“).« Fiduciary Investment Advisors Hires 403(b) Investment Consultant