FRA PlanTools Releases 408(b)(2) Checklists

The 408(b)(2) checklists have been in development for almost a year, according to the firm, and are designed as a comprehensive, cost-effective method to document 408(b)(2) compliance. The product is the first offering made available through the firm’s new online store. 

The 408(b)(2) regulations from the Department of Labor (DOL) establish specific disclosure obligations for retirement plan service providers to ensure that plan fiduciaries are provided the information they need to make better decisions when selecting and monitoring service providers for their plans.

After purchasing the product and providing FRA PlanTools with the necessary documentation, participating plan sponsors will receive a 408(b)(2) checklist within two business days. The checklist will be customized to better reflect the relationship between a company’s retirement plan and the covered service provider (CSP) that the checklist addresses.

In addition to the checklist, plan sponsors will receive detailed instructions, a color-coded copy of the 408(b)(2) regulations for reference, and any necessary templates to assist with compliance, such as a letter to be sent to a CSP if they have not provided the necessary information required by 408(b)(2).

More information is available here.

FRA PlanTools provides services to reduce fiduciary exposure, as well as to improve plan sponsor and participant retirement outcomes.