When we saw the tool that FiduciaCare put together, we immediately saw the incredible value it could bring to our clients and set out to incorporate it into our platform.
Pittsburgh, PA (PRWEB) June 03, 2011
FiduciaCare, LLC and Mid Atlantic Trust Company, Inc. (MATC), are pleased to announce that the FiduciaCare online solution for defined contribution plan sponsors and their advisors is now available on the Mid Atlantic trust platform. The service, recently launched in order to assist plan sponsors and their advisors through the compliance process and complex requirements associated with managing retirement plans today, also assists plan sponsors in becoming Department of Labor- audit ready, a process that has become more complex as a result of the Pension Protection Act of 2006, which established new audit requirements.
The FiduciaCareTM service (http://www.FiduciaCare.com) was developed to assist plan advisors and sponsors in meeting their fiduciary responsibility to their defined contribution plan. The web-based service provides inside fiduciaries with education on their specific responsibilities and personal risks as fiduciaries of their plan, as well as tools to ensure ongoing operations and reporting are in compliance with ERISA guidelines. Also included is an online Document Vault that allows designated users to upload plan related documents into a centralized location and can be tied to the specific meetings where they were discussed, so that later, the meeting minutes and the items discussed can be easily recalled.
Steven Price, Director of FiduciaCare, LLC explained: “When we set out to design this service, we began with two simple ideas: First, plan committee members need to know their role – to know what their responsibilities are, what their personal liabilities are as committee members, and what they need to do to meet those responsibilities. Too often committee members aren’t fully aware of these requirements or their own personal risks.” Mr. Price continued, “And then, we wanted to provide a set of collaborative tools to help the plan committee and all plan advisors to stay current with and fulfill fiduciary tasks and ERISA procedures, but also if an audit were to occur, we wanted them to have all the documentation they would need to comply with the request in a single safe and secure location that they can access easily.”
FiduciaCare was built by ERISA attorneys, advisors and administrators interested in making their own jobs easier. The advisor can help the client through the process of setup and use FiduciaCare as a tool when advising the Retirement Committee into the future. Third party record keepers and plan sponsors can use the service to get the job of fiduciary compliance completed and save time in the process. FiduciaCare utilizes an advisory board of ERISA experts that help build and continue to keep the system’s tools consistent with best practices.
Mid-Atlantic will offer the FiduciaCare service to both its current and prospective clients to assist them in meeting their fiduciary responsibilities. Tim Friday, Group CEO of Mid Atlantic Capital Group said, “One of the issues we kept hearing from our clients was the amount of work and complexity associated with keeping a plan in good working order. When we saw the tool that FiduciaCare put together, we immediately saw the incredible value it could bring to our clients and set out to incorporate it into our platform. This can make a meaningful impact on their operations and reporting so that the committee members can focus more of their time on delivering a quality plan.”
About Mid Atlantic Capital Corporation
Mid Atlantic Capital Group is a financial services organization that includes Mid Atlantic Capital Corporation, a registered broker-dealer, member FINRA/SIPC, Mid Atlantic Financial Management, Inc., an SEC registered investment adviser, and Mid Atlantic Trust Company, a non-depository trust company. Together, the Mid Atlantic companies provide a broad array of sophisticated financial products, support services and technology to a select group of registered financial professionals and organizations.
About FiduciaCare, LLC
FiduciaCare LLC was formed in 2010 to provide education and an easy to use platform to aid plan sponsors and their advisors in meeting and completing fiduciary best practices. FiduciaCare’s education to inside fiduciaries and services are guided by an Advisory Board of ERISA attorneys that have served at the DOL and the IRS and are currently in private ERISA practices or advising on fiduciary risk matters. More information is available at http://www.FiduciaCare.com.
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