PCS, provider of fiduciary retirement platforms, announced the launch of its new Advisor Lab Fiduciary Toolkit, aimed at enhancing compliance with the Department of Labor (DOL) fiduciary rule.
According to PCS and others, the upcoming regulatory change associated with the fiduciary rule and its various selling restrictions and exemptions “has forced every retirement-plan enterprise to reassess its procedures. Advisers, home offices, plan sponsors—they are all feeling the pressure.”
For sponsors, the new toolkit “makes it easy to meet obligations to both the plan and its participants.”
“With an increasing number of lawsuits being filed by employees against plan sponsors, alleging insufficient oversight and faulty decision making, many plan sponsors feel like they're in the hot seat,” PCS explains.
To help meet these concerns, the Advisor Lab platform provides participant retirement readiness tools, distribution analysis, and plan activity and services reporting. In addition, the platform features annual plan review and benchmarking reports; fiduciary notifications; individualized qualified default investment alternatives (QDIA) to tailored to address specific participant outcomes; investment monitoring; full fiduciary documentation and checklist disclosure; and services and fee benchmarking.
“With the anticipated cost and liability ramifications of the DOL regulations, we are attempting to simplify the plan process with a complete wraparound fiduciary platform,” adds Ted Harlan, managing director of the Advisor Lab.
For more information, visit www.pcs401k.com.