NEWBURY, Mass.--(EON: Enhanced Online News)--Fiduciary Plan Governance, LLC and American National Bank of Texas Trust announce PrudentControl™, an advance in retirement plan management and governance outsourcing for 401(k) plan sponsors. "Plan sponsors are under increasing pressure to be plan experts,” said John Hare, Regional Managing Director of FPG. "401(k) fee arrangements require professional expertise and resources that many plan sponsors do not have and do not want to be responsible for. Plan sponsors want to get back to their businesses and their service providers to assume their fiduciary responsibilities and burdens.” Employers need a solution that until PrudentControl™ was not available.
“To more fully realize the tremendous capabilities of our model in removing oversight, expertise expectation, plan management burden, and risk from employers, a second independent fiduciary expert review was needed”
PrudentControl™ builds on the unique outsource plan administrator structure created by ANBT in 2007 and evaluated in a white paper by Bruce Ashton and Debra Davis of the law firm Reish Luftman Reicher & Cohen (now Drinker, Biddle & Reith LLP) by adding the independent oversight of FPG. "To more fully realize the tremendous capabilities of our model in removing oversight, expertise expectation, plan management burden, and risk from employers, a second independent fiduciary expert review was needed," said Jeff Atwell, SVP of ANBT. "ANBT directly takes on the critical fiduciary responsibilities that normally is the employer’s. This is not the empty promise of ‘fiduciary responsibilities’ offered in the form of warranties and other gimmicks currently offered in the industry. ANBT takes full responsibility and FPG reviews and reports to the plan sponsor on the quality and completeness of our work.” There is no higher level of protection for plan sponsors today.
This protection is enhanced by maintaining current service providers, TPAs, investment platforms and providers, if they measure up in terms of quality of services provided and reasonableness of fees. In many cases there is no disruption of existing arrangements or transitions to new providers.
More information about PrudentControl™ and support solutions from FPG can be found at www.prudentcontrol.com.
ABOUT FIDUCIARY PLAN GOVERNANCE, LLC AND AMERICAN NATIONAL BANK OF TEXAS
FPG is a unique and independent 401(k) plan governance risk and compliance consulting firm located in Atlanta, Boston, Denver, Detroit, Los Angeles, Nashville, New York Metro, Philadelphia, San Diego, and Washington, D.C. American National Bank is a federally chartered bank with over $2 billion in located in Fort Worth Texas and a leader in professional 401(k) plan management and administration.