The service, recently launched in order to assist plan sponsors and their advisers through the compliance process and complex requirements associated with managing retirement plans today, also assists plan sponsors in becoming Department of Labor- audit ready.
The FiduciaCare service (www.FiduciaCare.com) provides inside fiduciaries with education on their specific responsibilities and personal risks as fiduciaries of their plan, as well as tools to ensure ongoing operations and reporting are in compliance with ERISA guidelines. Also included is an online Document Vault that allows designated users to upload plan related documents into a centralized location and can be tied to the specific meetings where they were discussed, so that later, the meeting minutes and the items discussed can be easily recalled.
According to the announcement, FiduciaCare was built by ERISA attorneys, advisers and administrators interested in making their own jobs easier. The adviser can help the client through the process of setup and use FiduciaCare as a tool when advising the Retirement Committee into the future. Third party record keepers and plan sponsors can use the service to get the job of fiduciary compliance completed and save time in the process.FiduciaCare utilizes an advisory board of ERISA experts that help build and continue to keep the system’s tools consistent with best practices.