Fiduciary Statement of Plan Management®
BFF® will provide your 401(k) plan and you with our proprietary and industry-leading Fiduciary Statement of Plan Management® or FSPM® on an annual basis to document that your retirement plan is following the required fiduciary standards and compliance procedures mandated by the IRS, ERISA and your plan documents.
We will coordinate and confirm that your other plan vendors are providing the services that they were contracted to provide to both you and your plan. Because BFF® will manage the schedule of your 401(k) plan’s required activities for you, you are free to focus on the more important tasks of running your business. We monitor and confirm the delivery of services of the following plan vendors:
Third Party Administrator
Plan Record Keeper
3(21) Investment Advisor
3(38) Investment Manager
The delivery of your annual FSPM® report not only provides you with written documentation that you have met your fiduciary duties for plan management on an annual basis, but BFF® will also gather and store all of the annual plan reports, disclosures and other documents produced each year by all of the other plan vendors in our Document Vault.
By having your annual FSPM® on file in your offices, you are not only prepared for a surprise IRS audit or DOL investigation, but your 401(k) plan will be covered under the BFF® fiduciary liability insurance coverage if ever there is an administrative problem that arises.
For more information on how BFF® can implement an FSPM®or Fiduciary Statement of Plan Management®for your plan, please contact us.