Our solution identifies provider practices that create an environment for conflict to arise. Identifying, mitigating and monitoring these conflicts is our singular focus.
MIAMI (PRWEB) September 12, 2019
Employers have new tools available to capture and correct the conflict of interest service structures that have plagued the retirement plan industry.
RetireAware™* announced its rollout this week of a suite of fiduciary tools which empower employers to identify conflicts of interest in defined contribution (DC) retirement plans. These conflicts occur when a plan provider, such as a recordkeeper, leverages its access to the plan and plan participants for purposes unrelated to the contracted services to the plan.
The firm’s new suite of tools includes audits and regular monitoring which enable plan sponsors and fiduciaries to identify and measure potential and actual conflicts of interest.
“Our solution identifies provider practices that create an environment for conflict to arise,” says RetireAware™ Chief Legal Officer Allen Steinberg. “Identifying, mitigating and monitoring these conflicts is our singular focus.”
The suite of new tools includes:
- Conflict of Interest Plan Audit© – Review of the service, incentive and compensation structures of a plan by a recordkeeper and the recordkeeper employees who interact with plan participants. Employers receive recommendations on specific steps that can be taken. This includes the RetireAware™ Conflict Index Score©, an easy-to-understand way to evaluate the risk of conflict identified in the Audit.
- RetireAware™ Annual Report© – Analysis of plan distributions, including updated responses to Conflict of Interest Audit and recommendations regarding additional protections for the plan and plan participants.
- Retirement Services Audit© – Intensive assessment of a plan recordkeeper’s plan participant service model. This includes the RetireAware™ Retirement Services Audit Rating©, an easy-to-understand way to evaluate the risk of conflict identified in the Audit.
RetireAware™ is a U.S. firm focused on identifying, disclosing and helping plan sponsors and plan fiduciaries mitigate the risks associated with conflicts of interest service structures; such conflicts can undermine the employer-sponsored plan and create legal and reputational risk to employers.
To learn more about RetireAware™, please visit RetireAware™ or email info@RetireAware.com.