According to the announcement, Focus Retirement Plan Partners says that the Fiduciary Fitness Review “helps protect plan fiduciaries and executives from financial loss due to DOL or IRS penalties, ERISA and employee civil litigation, and legal fees associated with these activities”.
According to the firm, key elements of the Fiduciary Fitness Review include:
- Identification of plan sponsors and an understanding of the full extent of their fiduciary responsibilities
- Documentation guidance for complying with ERISA 404(a) and 404(c)
- Monitoring of third-party service providers
- A plan design review and analysis
“There has never been a more important time for plan sponsors/fiduciaries of qualified retirement plans to ensure that their plans are healthy. The key is to identify retirement plan weaknesses quickly and fix them fast,” says Lou Knox, one of the firm’s partners.
Focus Retirement Plan Partners also provides services to review investments and score funds based on multiple criteria commonly used today by institutional investors and money managers. According to the firm, the methodology incorporates both quantitative and qualitative factors to assess funds on a one-time or periodic basis. If education or communication programs are lacking, the firm says it can also provide group or individual meetings, investment and retirement presentations, printed education modules and employee memos.
Focus Retirement Plan Partners has offices in Hoffman Estates, Illinois and Windermere, Florida. More information is available at http://www.focusretirementplans.com