The announcement said MIRA has provided independent fiduciary services to 401(k) plans over the last decade. This service will insure that all clients service provider arrangements are fully Employee Retirement Income Security Act (ERISA) compliant and offer a higher Level of Fiduciary Risk Mitigation.
“We partnered with MIRA for their ability to act as an independent fiduciary for our 401(k) clients. They offer the ability to provide a turnkey process to identify all ERISA plan challenges and the reporting services necessary to be compliant by end of year requirements. Our goal is to make it easy for our clients to be compliant with the new Department of Labor (DoL) regulations taking effect. There is a great deal of confusion as to what is required and how those requirements can be satisfied,” said Steve Davis, CEO of Safe Harbor Asset Management, in the announcement.ERISA §404(a) and the prohibited transaction provisions in §408(b) (2), requires fiduciaries to evaluate whether service/cost arrangements with 401(k) providers are reasonable. MIRA provides assurance of these facts for every 401(k) plan. A definitive and documented process coupled with clarity of costs, ensures accountability.