We have been swamped with calls from Auditors all over the country “How can I help my clients with this Independent assessment?” “Am I obligated to do so?” How do I protect myself & the firm in the process?
MIRA led by our I.R.S. Enrolled Agents & CPAs have developed the P3 program ( Pay, Performance, Parity) & ERISA Due Diligence Review these programs are designed to ensure your client's plans are fully ERISA compliant.
MillenniuM has expertise in providing the following services:
- Fiduciary Risk Management
- Retirement Plan Committee Organization
- Investment Policy Statement Design and Implementation
- Investment Selection and Monitoring
- Fee Reviews and Benchmarking
- Fiduciary Studies
- Customized Participant Education Programs
- Fiduciary Best Practices Updates
- Vendor Search and Selection
Form 5500 and Schedule C
As you are probably aware, the new Form 5500 and Schedule C requires much more cost and fee disclosure as well as an affirmation that the plan has no “prohibited transactions”. According to the Department of Labor, “If the consultant is a fiduciary under ERISA and receives fees from third parties as a result of their recommendations, a prohibited transaction under ERISA occurs unless the fees are used for the benefit of the plan (e.g., offset against the consulting fees charged the plan) or there is a relevant exemption.” (See “Selecting And Monitoring Pension Consultants - Tips For Plan Fiduciaries”)
The updated 5500 was designed to work together with the new 408 (b)(2) regulations. As a result, some service providers may not make the disclosures which are necessary to accurately complete the updated Schedule C.