The agreement says Pentegra accepts responsibility for all Employee Retirement Income Security Act (ERISA) fiduciary duties and responsibilities other than a handful of clearly identified functions retained by the employer or plan sponsor. The promise ensures Pentegra will satisfy its fiduciary responsibility in accordance with the highest standards by indemnifying and providing a legal defense for plans, employers and other fiduciaries with respect to 100% of Pentegra’s fiduciary functions.
According to Pete Swisher, senior vice president and national sales director at Pentegra, “Most warranties available to employers today are limited in scope, protecting plans—but rarely employers—against a narrow range of potential problems. The Pentegra Fiduciary Promise is much broader. When combined with Pentegra’s Fiduciary Services Agreement, it takes the concept of fiduciary outsourcing and warranties to its fullest practical limit.”
For more information on the Promise, contact the Pentegra Solutions Center at firstname.lastname@example.org or 855-549-6689.