A Prudential news release said its Fiduciary Risk Management program provides a suite of tools and services that helps retirement-plan sponsors mitigate risk within operations and employee communications and education.
The company said the new offering goes beyond the traditional risk management programs that focus only on a plan’s investment options and now adds tools, planning and consulting services, performance oversight, documentation, and reporting for a retirement plan’s operations and employee communications activities.
Among other things, the program delivers tools and processes that help plan sponsors develop and implement fiduciary-protection strategies:
- a detailed annual Strategic Plan Review with benchmarked and measurable plan results against goals and objectives
- Prudential Retirement’s Due Diligence Advisor program, to help select, evaluate, monitor,and report on investment managers
- a shared co-fiduciary role for Prudential Retirement through its Manager of Managers investment program
- compliance advisory services
- Fiduciary Management Best Practice guides
- customized oversight-and-review package to evaluate operational effectiveness and recommendations for process improvements
- detailed measures and documentation of operational results against specific goals and objectives
- compliance advisory services, including plan design, compliance monitoring, reporting and disclosure, Form 5500 services, and compliance testing
- Actuarial Advisory Services, including annual valuation reports, asset/liability modeling, and funding policies
- integrated, targeted approach to communications & education with an unwavering focus on measurement and analysis
- ongoing actionable measurement and analysis of communications programs and tools
- participant statements for defined contribution (DC) and defined benefit (DB).
“The new world of fiduciary responsibilities and risk-management now emerging in the retirement business demands innovative and intelligent new solutions,” said Scott Sleyster, Executive Vice President, Prudential Retirement in the announcement. “We believe that our new Fiduciary Risk Management program offers just such a model and can deliver significant value-added as plan sponsors work to mitigate their risks.”
More information about Prudential Retirement is at http://www.prudential.com/productsAndServices/0,1474,intPageID%253D2704%2526blnPrinterFriendly%253D0,00.html .