Benefits Firm Offers Fiduciary Checkup Product

August 5, 2008 ( - A St. Louis-based firm has unveiled Fiduciary Health Check to help employers meet their legal responsibilities for their retirement plans.

A Benefit Plans Plus news release said Fiduciary Health Check offers:

  • Help in identifying fiduciaries (named & functional),  
  • Plan document review (terms of plan, eligibility, distribution options & model amendments),
  • Required employee communications (disclosures, safe harbor, reporting, QDIA notices, salary reduction notices & multiple statements),
  • Vendor specific review of products, features and tools, 
  • Compliance testing (ADP, ACP, etc.),  
  • Form 5500 (timely contributions & proper filing),  
  • Insurance coverage review (fidelity bond, fiduciary insurance policy).

“Our ‘snapshot’ assessment of current fiduciary compliance structures and processes immediately identifies opportunities, improves procedures and documentation – saving our clients time and expense,” said partner Patrick Shelton, in the announcement. “Too often we find errors that could have easily been prevented. The Fiduciary Health Check gives clients peace of mind and assurance their retirement plan is in working order and they are utilizing best practices.”

Additional consulting services include: 

  • Fee analysis (total plan cost including billed fees, investment expenses, asset charges, recordkeeping),
  • Fiduciary investment process review (investment policy, monitoring, diversification & performance),
  • Plan design (contribution efficiency & after-tax cost), and
  • Fiduciary compliance management (corrections assistance, vendor & advisor searches). 

More information is available here .