Fiduciary Audit File

At RetireRight Pittsburgh, we know that the duty to act prudently is one of a fiduciary's central responsibilities under ERISA. Prudence focuses on the process for making fiduciary decisions. Therefore, it is wise to document decisions and the basis for those decisions.

We help plan sponsors address this key responsibility by implementing and organizing all pertinent plan documents relevant to the management of a plan, then giving plan sponsors access to these documents through your own personal Fiduciary Compliance File.

The Fiduciary Compliance File is available via a complete filing system with binder, an electronic memory stick or disk, or via a password-protected website that RetireRight Pittsburgh provides for plan sponsor use.

The Fiduciary Compliance File is a free service for clients that engage us to set up their plan's fiduciary risk management audit file. Within the compliance file are the essential documents necessary to manage your responsibilities as a fiduciary and plan sponsor. We take the guess work out of managing a plan and provide you with the tools necessary to help ensure you are documenting all processes and addressing ERISA standards.

The BENEFITS of a Fiduciary Compliance File are:

  • Easily demonstrates your ERISA compliance processes
  • Helps ensure that you are addressing all your fiduciary responsibilities
  • Promotes the management of a successful plan

Included in each Compliance File you'll find:

  • All the Fiduciary Responsibility Documents needed to help ensure fiduciary duties are fully disclosed and understood by all who accept fiduciary status.
  • Investment Selection and Monitoring Documents such as the IPS, IPS review checklist, and the quarterly investment reports.
  • The Participant Communication Documents, which are vital to creating, maintaining, and monitoring a successful participant education program.
  • The Plan Administration Documents, which include many of the housekeeping issues that are essential to keeping on-track and maintaining plan health.
  • Service Provider Due Diligence Documents, which encompass provider benchmark reports, review checklists, selection checklists, and Service Provider contacts.

The Fiduciary Compliance File is an incredibly valuable tool in streamlining the management of your plan and maintaining compliance. RetireRight Pittsburgh has thoughtfully considered every piece of documentation that should be included in the file based on over 30 years of experience and a thorough understanding of ERISA guidelines and fiduciary duties.

If you're not sure you have all the documents necessary to demonstrate prudence in the management of your plan, please contact us and we'd be happy to discuss independent pricing for getting your plan's risk management files in order. You do not have to change brokers or providers on your plan in order for us to come in and set up your risk management file, so contact us today!