Fiduciary Compliance

Retirement Plans require prudent governance by plan sponsors and fiduciaries.

Independence Financial Partners offers The Fiduciary Fitness Program™, an independent compliance tool to measure the health of a retirement plan, through our membership in the Retirement Plan Advisory Group™ (RPAG™). Our program provides resources as a means to identify potential weaknesses in your plan and remedy through education, diligence, and process.

Program Goals

• Identify plan fiduciaries and understand the extent of their specific responsibilities
• Attempt to comply with ERISA §404(a) and §404(c)
• Document the hiring process for service providers and other vendors
• Identify parties in interest to the plan and take steps to monitor transactions
• Understand major exemptions under ERISA that permit transactions with parties in interest
• Review plan documents in light of current plan operations and make necessary updates
• Comply with reporting and disclosure requirements
• Ensure that individuals are properly bonded and covered by liability insurance and more

Best Practices Approach

The Program offers a holistic approach to fiduciary best practices, and encompasses three key deliverables:

• Report Card: Demonstrates what plan sponsors and fiduciaries need to address and documents plan management responsibilities.
• Fiduciary Plan Review™: Educates fiduciaries regarding their responsibilities, examines plan design, and documents prudent processes.
• Reference Guide: Graphs, charts and checklists provide easy to understand technical guidance for the completion of action items contained on the Report Card.

Independence Financial Partners is a member of Retirement Plan Advisory Group™ (RPAG™). The consulting services reflect services that we will provide as a result of our member with RPAG. This includes, but is not limited to, investment due diligence, RFP and fee benchmarking, plan design and fiduciary review and communication services.