Castle Rock Offers Benchmarking Tools

The newest suite of tools will provide retirement plan fiduciaries, compliance personnel and advisers the ability to audit their retirement plan business for fair and reasonable fees.

The Benchmarking Suite is integrated with AXIS data processing and reporting services for the broker/dealer and registered investment adviser (RIA) firms in support of the new ERISA section 408(b)(2) regulations. This service will provide instant parameter-based auditing across all plans, and a review of every plan and fund lineup. It also includes benchmarking reporting services to ensure that each plan service provider arrangement is fully ERISA compliant. 

“We heard loud and clear from our clients that they needed a report that could be delivered by every financial adviser, as well as understood by any fiduciary plan contact,” said Tom Loch, senior vice president of CRI. “It was also important for firms to have the ability to articulate their business services and value proposition to their plan clients.”

ERISA §404(a) and the prohibited transaction provisions in §408(b)(2) require fiduciaries to evaluate whether service and cost arrangements with 401(k) providers are reasonable.