The Department of Labor (DOL) defines who is considered a Fiduciary to the plan and their responsibilities to plan participants and beneficiaries. As a responsible fiduciary, one of the most important responsibilities is to select a service provider for the plan, gathering information about their business practices and quality of service. ASPPA and CEFEX have partnered to offer third party auditing of service providers which helps plan sponsors assess the competency of their Third Party Administrators.
ACI has recently undergone the renewal of our ASPPA Recordkeeper Certification. We still maintain as being the only ASPPA Certified Recordkeeper in California. This is a testament to our dedication to our clients and advisors in offering them a firm which is:
1. financially sound
2. following fee disclosure guidelines under the DOL’s proposed 408(b)(2) regulation
3. trustworthy and ethical in its business practices
4. reducing risk for the plan sponsor and their employees
5. using secure IT systems
6. defining quality control and management systems with clear processes and procedures
The certification closely resembles the ISO 9000 certification given to manufacturing firms and is performed by an outside auditing firm. ACI has gone through extensive reviews with 17 critical practices and over 100 separate criteria all to ultimately give our clients peace-of-mind.Contact an ACI Consultant or Administrator to learn more about why you should be working with an ASPPA Certified Third Party Administrator such as ACI. The proof is in our quality staff and their work.
