3(38) Fiduciary Management
By assuming responsibility for the selection and investment of retirement assets, our approach provides much-needed fiduciary protection to plan sponsors. Utilizing Compass Corporate Retirement Solutions, both plan sponsors and the individuals responsible for the plan (committee members, trustees, etc.) receive the highest level of fiduciary liability protection available.
As an independent, fee-only advisor, Compass Corporate Retirement Solutions receives no compensation from the investments we select for your plan. This objectivity allows us to serve as a fiduciary to your plan. While this does not absolve a plan sponsor of all responsibility, it does shift the burden of investment selection and monitoring to Compass Corporate Retirement Solutions.
Full Disclosure of Fees
Are you confident you know all of the expenses of your current 401k plan? The recent changes (proposed and soon to be enacted) concerning fee disclosure and fiduciary duty have centered on the answer to that question. Unfortunately, due to the pervasive practices (revenue-sharing, 12(b)1 fees, sub-transfer agency fees, etc.) of the retirement plan industry, many plan sponsors are not confident in their knowledge of the total expenses of their plans. Yet ERISA clearly states that plan sponsors have a duty to understand fees and expenses and to ensure that those are reasonable.
Working with Compass Corporate Retirement Solutions, you will never have a doubt about your fees and expenses. As a fee-only advisor, we do not accept revenue-sharing of any kind. We are compensated only by you as our client. We provide a clear accounting of all fees and expenses so that you can be confident in fulfilling your responsibilities to plan participants.