Product Overview
The Fiduciary Fitness Program™ is an independent compliance tool to measure the health of a retirement plan. Our program provides resources as a means to identifying potential weaknesses in your plan and remedy through education, diligence, and process.
Retirement Plans require prudent governance by plan sponsors and fiduciaries. 401(k) Advisors developed the Fiduciary Fitness Program™ as a well‐designed decision‐making process to confirm and document proper roles and execution of responsibilities in a prudent manner.
What is Fiduciary Fitness?
“…a comprehensive practice development program to diagnose and improve the health of retirement plans, and strengthen the ability of plan fiduciaries to operate in strict accordance with ERISA and plan documents.”
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
- Fiduciary Plan Review™ for prudent processes
- Report Card documents plan health
- Fiduciary Briefcase™ secure online portal
