New England Retirement Consultants Introduces Independent Named Fiduciary Service

BOSTON, Sept. 15 /PRNewswire/ -- New England Retirement Consultants, LLC (http://www.ne-rc.com) announced today the expansion of their fiduciary programs for organizations offering 401(k), 403(b) and pension plans.  Plan sponsors can assign fiduciary responsibility to New England Retirement Consultants for the management and operation of the sponsored retirement plan.

Plan sponsors are allowed under ERISA to either manage their plans internally or delegate those same responsibilities to a qualified third party.  New England Retirement Consultants (NERC), acting as an ERISA full scope named fiduciary, can be delegated significant responsibilities.  "Independent fiduciaries relieve pressure, fear, uncertainty and doubt for the plan sponsor," says Matt D. Hutcheson an expert on ERISA fiduciary responsibilities.  Handing off this responsibility allows the senior executives to focus on more pertinent issues in the organization.  NERC as the independent named fiduciary is a decision maker for the plan thus allowing for quicker implementation and a more cost effective program. "An investment advisor is not, and never will be, the full scope fiduciary unless the advisor's name actually appears in plan documents as the Named Fiduciary with authority to hire, monitor, fire and replace service providers and other fiduciaries," says Mr. Hutcheson. 

"Sponsors are realizing they can have a great plan without having to take day to day responsibility," says Jay Gepfert, Managing Director at NERC.  

"The independent fiduciary is the most important position in the ERISA world today.   Sponsors don't want to have fiduciary responsibility for their ERISA plans.  Most don't have the time or skills needed to fulfill this responsibility," according to Jeff Mamorsky, a leading expert on ERISA law.

The independent fiduciary has to be a "pit bull" for the sponsor and participants say Glenn Jensen, Managing Director at NERC.

NERC (http://www.ne-rc.com) consultants and advises with 401(k), 403(b), pension, endowment and foundations.   Primary services include management of fiduciary responsibilities, investment monitoring/ evaluation and cost containment of plan operating fees.

CONTACT: Jay Gepfert, New England Retirement Consultants, LLC, +1-203-292-5434

SOURCE New England Retirement Consultants, LLC