Our Fiduciary Consulting service is designed to assist Plan Sponsors (“Plan Fiduciaries”) to understand and meet their ongoing legal duties as required under the Internal Revenue Code, the Employee Retirement Income Security Act (“ERISA”), the Uniform Prudent Investor Act (“UPIA”), the Uniform Prudent Management of Institutional Funds Act (“UPMIFA”) and/or the Uniform Management of Public Employee Retirement Systems Act (“MPERS”.)
Specifically BFF® will help to Organize, Formalize, Implement and Monitor the practices, procedures and processes that a Plan Fiduciary should follow to demonstrate prudence in managing the ongoing administrative requirements of your 401(k) plan.
BFF® will typically assist the Plan Fiduciary in the adoption and implementation of an FSPM® (Fiduciary Statement of Plan Management®.) The FSPM® forms the basis of an intelligible prudent process that will bring fiduciary imperatives into practical application. Furthermore, the FSPM® will help the Plan Fiduciary to understand which plan vendor’s services and pricing models fit into their stated plan priorities, and which do not.
BFF® can also help those Plan Fiduciaries who’s 401(k) plan is currently in the middle of an IRS audit or Department of Labor investigation. Please contact us for more info.