New 401(k) tool helps fiduciaries maintain complianceNews added by Benefits Pro on March 5, 2014

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Joined: September 07, 2011

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By Paula Aven Gladych

OTB Strategic Consulting has launched The FIRE System, an online 401(k) self-assessment tool for plan fiduciaries that quickly finds areas of non-compliance and provides solutions to correct them.

The tool was developed in conjunction with Akros Fiduciary Management, an investment firm, to give fiduciaries a simple and cost-effective way to make sure that their 401(k) plans are being carried out in accordance with government regulations and guidelines.

In the past couple of years, the 401(k) industry has garnered additional regulatory attention from the Department of Labor, Internal Revenue Service and Securities and Exchange Commission. It is imperative that plan sponsors avoid fiduciary risks and safeguard their fiduciary roles before an examination.

The FIRE System provides boards of directors, CEOs, internal auditors and human resource executives with an independent review of any size traditional or safe harbor 401(k) plan’s fiduciary risk and compliance. It analyzes responses to questions with regard to possible areas of non-compliance with many common but crucial ERISA laws and regulations as overseen by the DOL and the IRS, including regulatory interpretations/opinions, court decisions and industry best practices.

It also provides a written report with a variety of reporting options from a basic risk level, evaluation and education to a more in-depth analysis with specific violations/solutions and a more advanced education to help plan sponsors and their fiduciaries become compliant as quickly as possible.

Based in Austin, Texas, OTB Strategic Consulting Inc., works with corporate boards, plan sponsors, executives and individuals that want independent advice to grow and streamline their operations.

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