According to a news release, Fifth Third Bank’s Fiduciary PowerPak helps sponsors meet the “prime directive” of pension regulation – that is, that the plan is operated for the exclusive benefit of the participants and their beneficiaries.
Fifth Third said the product is administered and actively managed by its investment advisors. Most notably among the advisors, according to the news release, is Frank Bitzer, who is a member of the Internal Revenue Service Great Lakes Region Tax Exempt and Government Entities Joint Council, the International Foundation of Employee Benefits Plans, the Cincinnati Bar Association-Employee Benefits Committee and co-author of 2003 ERISA Facts.
The product provides:
- an executive summary of ERISA fiduciary rules
- a civil compliance and enforcement overview
- an ERISA 404(c) overview and checklist
- Sarbanes-Oxley information
- information on the investment selection process
- an analytical investment analysis
- an investment policy statement
- a discussion of corporate resolutions
- plan and investment committee meeting minutes and agenda.
For more information, go to www.53.com .
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