Castle Rock Innovations’ Axis Retirement Analytics Platform, Provides Flexibility to Handle DOL Recent Proposed Amendment Requiring Content Guide for Fee Disclosure

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The Department of Labor introduced regulations in 2012 that require all retirement plan service providers to fully disclose their retirement plan fees, compensation and services provided to plan fiduciaries. The solution has been helping the industry automate the disclosure process since 2011 using standard disclosures provided by top ERISA attorneys as well as Custom Disclosures provided by our clients.

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The Guide is intended to supplement, rather than replace, a covered service provider's Fee Disclosure. It is designed to serve as a "tool" to be used by the Plan Fiduciary, and the Guide should help Plan Fiduciaries navigate their respective covered service provider's Fee Disclosures. The proposal would require an annual summary of changes to a Cover Service Providers’ disclosure guide. EBSA has concluded that this would be less burdensome to Cover Service Providers than ongoing and sporadic disclosure each time a change to one component of the guide occurs. (EBSA is soliciting comments through this proposed amendment as to whether it would be more effective to require a complete guide to be furnished annually, rather than changes-only.)

Michael Marr, COO and President of Castle Rock Innovations, Inc. says, “We have been managing our clients compliance related services for over 3 years now through our AXIS Solution by creating a zero touch environment. We want to do the hard work so that our clients can focus on growing their business. Our clients can have their disclosures modified and re-disclose in days.”

Castle Rock’s AXIS Solution allows for clients to customize their 408(b)(2) and 404a-5 templates and manage them systematically. Clients’ custom templates can be programmed and be ready to use in less than 4 weeks. The solution provides detail audit report of any changes to the data, templates and system for the active plans. AXIS stores the entire produced disclosures document in client’s digital locker for future reference.    All disclosures can be produced online in real time or using the bulk disclosures mechanism for distribution to client portals or 3rd party channels.

“The entire process is streamlined and automated. Many of our clients utilize our Single Sign On feature to integrate with our platform to allow their users seamless access to their specific book of business, disclosures, real time benchmarking and comprehensive reporting toolset.    We maintain the compliance and all compliance related changes for our clients in one central location and proactively monitor the plans to notify our clients of their required disclosure due dates (such as the 60 days rule),” added Michael Marr about the AXIS Solution.

Castle Rock Innovations will be showcasing their market leading solution at the upcoming NAPA 401(k) Summit 2014 in New Orleans on March 23-25. Please visit us at Booth 340.

About Castle Rock Innovations and AXIS

Castle Rock Innovations has been serving the financial industry for over 20 years by providing our clients with technology that improves efficiency and creates value. In anticipation of 401(k) fee disclosure regulations that were introduced in 2012 by the Department of Labor, Castle Rock innovations developed the Axis Retirement Analytics Platform ™, a real-time, web-based platform that allows retirement broker-dealers, record keepers, banks and retirement plan fiduciaries to meet these regulatory fee disclosure reporting requirements. Today the Axis Retirement Analytics Platform ™ is an industry leading product used by 10 of the top 20 broker dealers in the nation and more than 105 clients. AXIS currently holds data from over 75+ Record Keepers and Insurance companies and provides a zero touch automated connectivity (Single Sign-On) to the largest data sources.

Castle Rock Innovations Inc. is a privately owned and operated corporation with headquarters in Chicago Illinois and offices throughout. Our company has been recognized by Inc500 as one of the fasted growing private companies.

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Khash Sarrafi
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