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Products February 3, 2012
White Paper Examines Benefits of a 408(b)(2) Audit
February 3, 2012 (PLANSPONSOR.com) - Roland|Criss published its third in a series of white papers addressing the new 408(b)(2) regulation’s specific impact on retirement plan sponsors.
Reported by Tara Cantore
The white paper, titled “The ROI of a 408(b)(2) Audit,” outlines how engaging in an annual 408(b)(2) audit can significantly minimize plan sponsors’ risk under the new Department of Labor (DoL) regulation.
According to the paper, an audit allows for the objective and careful examination of key practices, vendor agreements and vendor effectiveness for retirement plan sponsors. One of the key challenges to implementing the requirements for plan sponsors will be how to interpret and assess their vendor’s reports and fees,which is a responsibility plan sponsors have not had in the past. The audit enables an independent third-party to ensure the plan sponsor organization complies with 408(b)(2) and aligns with proper standards for fiduciary practices.
The white paper also utilizes a real-world case study to illustrate how the 408(b)(2) audit represents a true return on investment for plan sponsors.
The white paper can be viewed in its entirety at: http://www.rolandcriss.com/news/408(b)(2)_Audit_Part3.pdf.
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