OTB Strategic Consulting will launch on March 11 The FIRE System, an online 401(k) self-assessment tool for plan fiduciaries that quickly finds areas of non-compliance and provides solutions to correct them.
The tool was developed in conjunction with Akros Fiduciary Management, an investment firm, to give fiduciaries a simple and cost-effective way to make sure that their 401(k) plans are being carried out in accordance with government regulations and guidelines.
In the past couple of years, the 401(k) industry has garnered additional regulatory attention from the Department of Labor, Internal Revenue Service and Securities and Exchange Commission. It is imperative that plan sponsors avoid fiduciary risks and safeguard their fiduciary roles before an examination.
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