Fiduciary Compliance and Trustee Education
Through our strategic relationship with Fiduciary Firewall Consulting, Inc, employers and 401(k) plan trustees have access to FiduciaryInsight℠; a fiduciary audit and trustee training program designed to document and improve the current level of fiduciary compliance.
Serving in a fiduciary capacity for the duration of the engagement, Fiduciary Firewall Consulting℠ will review 1) plan structure; 2) operations; 3) direct and indirect plan/participant fees; 4) trustee oversight; and, 5) fiduciary governance.
Department of Labor Audit Simulation
The centerpiece of this review is a 141-point ISO-like conformance analysis that integrates the formal Standards and Practices defined by the Foundation for Fiduciary Studies and general fiduciary best practices. This process and resulting document assesses the plan’s current level of compliance and serves as a Department of Labor Audit simulation to help identify shortfalls and areas of concern.
Compliance Assessment and Corrections
Fiduciary Firewall Consulting℠ will also conduct a due diligence review of the plan’s current service providers and investments. The resulting document will provide formal identification of any existing or potential fiduciary shortfalls along with the specific action steps and recommendations necessary for their correction.