In many respects, having a 401(k) plan is like running an investment firm. Many of those who touch the plan have fiduciary duties, record keeping, administration, Service Provider selection, asset selection, monitoring of Service Providers, investment education and other duties very similar to an investment company.

Once a 401(k) plan has been created, the plan sponsor must put in place the structure and system to ensure the plan participant’s are receiving the best services and products for the expenses charged. Working with qualified providers who want to educate and help your plan stay in compliance is key to helping your participants and running an efficient plan. The FIRE System can help you and your Service Providers achieve this.

 

Benefits & Features

  1. Reduce Costs & Liability
    • Fines and penalties increase if the DOL or the IRS finds the issues before the Plan Sponsor. The longer any problem exists, the cost to “fix” it often increases. The Plan also runs an increased risk of litigation. Did you know the average claim is $994,000 for Breach of Fiduciary Duty.
  2. Streamline
    • Understand and move their 401(k) Plan toward best practices.
  3. Time-Efficient
    • In less than an hour, your clients can have compliance issues and solutions identified in their Plan and begin developing a strategy to solve them. Reports are provided immediately upon completion of the questionnaires.
  4. Plain English
    • Written without legal language and in a method for all to understand.
  5. Educational & Informative
    • Reports are written to help educate, as well as, solve the issues/violations.
  6. Comprehensive
    • DOL regulations, IRS regulations, regulatory interpretations/ opinions, court findings, and best practices wrapped up in one questionnaire/service.
  7. Unbiased
    • Created by a organization who is not attempting to be a service provider to your client’s 401(k) Plan.
  8. Immediate Results
    • Plan Sponsors answer the questions and get their results on screen and in a downloadable report.
  9. Updatable
    • Plan Sponsors have the ability to update their answers for 60 days for any solutions they may implement or answers they may want to clarify.
  10. Provider Friendly
    • Solutions are written to have the Client work with their own Service Providers or consultants.
  11. Independent Voice
    • The opinions and education are provided solely from OTB based on the Client’s answers and not from you or your firm. The Plan Sponsor’s report outlines the issues and solutions - you do not. You are there to help implement and “fix” their issues.