New Assessment Tool to Help Plan Sponsors Find and Resolve 401(k) Compliance Issues
OTB Strategic Consulting, Inc., in partnership with Akros Fiduciary Management, has announced the launch of The FIRE System, an online 401(k) self-assessment tool for employers, plan sponsors, and fiduciaries to find areas of non-compliance and identify solutions for correcting them. The FIRE System provides an independent review of fiduciary risk and compliance for traditional or safe harbor 401(k) plans of all sizes. The tool analyzes answers to questions regarding risks of non-compliance with ERISA laws and other DOL and IRS regulations.
The tool also provides a written report including options such as basic risk level, evaluation and education, and in-depth analysis. The report and educational materials can be downloaded and/or printed for free. As a supplement, OTB provides a free informational document that helps plan sponsors better understand the roles of IRS and DOL regulators.
“More and more we live in a regulatory world and many plan sponsors and employers may not be fully aware of the complexity and scope of their fiduciary responsibilities under the law,” says Deborah A. Castellani, CFA, Principal & Senior Fiduciary Specialist, OTB Strategic Consulting, Inc. “The FIRE System makes them stronger in their role as a fiduciary by better understanding the complicated DOL and IRS rules and regulations that govern 401(k) plans, helping to bring plans into compliance, and educating plan sponsors and their fiduciaries on how to avoid fiduciary liability and personal risk.”