New Assessment Tool to Help Plan Sponsors Find and Resolve 401(k) Compliance Issues
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.”
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Joshua Bjerke, from Savannah, Georgia, focuses on articles involving the labor force, economy, and HR topics including new technology and workplace news. Joshua has a B.A. in Political Science with a Minor in International Studies and is currently pursuing his M.A. in International Security.