“We think the Compliance Warranty breaks new ground and feel all of our clients who put their trust in us should benefit by it.”
Dublin, OH (PRWEB) October 19, 2011
United Retirement Plan Consultants, one of the nation’s leading independent providers of third party administration services for qualified retirement plans, is raising the bar on service standards in the TPA marketplace. The company announced today that it is introducing an industry-leading Compliance Warranty to all 10,000 current plan sponsor clients as well as all new prospects. The Compliance Warranty covers essential service deliveries such as plan documents, Form 5500 preparation, non-discrimination testing, eligibility determination, and contribution limit monitoring. It provides plan sponsors assurance of United Retirement’s efforts in the event their work is challenged by regulatory agencies, third parties, participants or others. Clients are in the process of being notified of their Compliance Warranty, a fundamental but important “peace of mind” component of every client service package.
While the recent focus of the retirement industry’s attention has been on compliance with fee disclosure regulations, United Retirement has not only addressed those regulations with its program, but done so in a way that helps address many questions and concerns raised by retirement plan sponsors across the country. “Few plan sponsors fully understand the delineation of roles and responsibilities of their service providers,” said John Davis, President and CEO of United Retirement Plan Consultants. “We developed our service agreement, fee schedule and Compliance Warranty with the intention of clarifying our role, responsibilities and fees for the administration of our clients’ retirement plans and assuring our clients that we fully stand behind our work.”
Davis continued, “The more we talked about it, the more it made sense for us to step forward on behalf of our clients and hopefully set the bar for other service providers. With tighter scrutiny on ERISA fiduciary standards for plan management and increased complexity of the industry’s regulatory environment, we believe our clients deserve to know with certainty that United Retirement stands behind its services and will continue to do so in the event issues arise.” Davis also explained that United Retirement has been preparing for this opportunity for some time through the implementation of a national technology platform and administrative business model across the firm’s 18 offices. “We are fully confident in our people, processes and procedures. No matter where we serve them, our clients know that they can rely on us,” said Davis.
While it is customary to offer new promises to new clients, United Retirement has gone a step further in providing this Compliance Warranty to its existing clients with executed service agreements. Davis concluded, “We think the Compliance Warranty breaks new ground and feel all of our clients who put their trust in us should benefit by it.”
About United Retirement Plan Consultants
United Retirement Plan Consultants is a leader in retirement plan design, consulting, administration and pension actuarial services for small and medium-sized businesses in the United States. The Company is focused on leveraging its national scale to deliver customized retirement plan solutions with exceptional service and uncompromising accuracy at the local level. United Retirement currently administers approximately 10,000 retirement plans with $11 billion of assets through its 18 local offices in 15 states.