377 / 537
Investments and advisory services offered through CBIZ Financial Solutions,
Inc., Member FINRA, SIPC and SEC Registered Investment Adviser, dba CBIZ
Retirement Plan Advisory Services. CBIZ Financial Solutions, Inc. is a
subsidiary of CBIZ, Inc. (NYSE Listed: CBZ)
Retirement plan sponsors are responsible for
selecting and monitoring competent service
providers and consultants. To assist you in
fulfilling your fiduciary oversight duty of evaluating
your retirement plan consultant, below we provide
documentation of background information and
credentials of the CBIZ Retirement Plan consulting
team.
Organizational Credentials, Certifications, Groups & Memberships
CEFEX ASPPA Administration Services Certification
– Administrative functions including compliance testing against
relevant pension and tax laws and filing of government reports such as form 5500. ASPPA is the American Society for
Pension Professionals & Actuaries.
CEFEX Fiduciary Certificate of Registration: “Investment Advisor”
– confirming that CBIZ adheres generally to the
fiduciary standards of excellence (referred to as the Fiduciary Practices) as defined by the
“Prudent Practices for
Investment Advisors”
(U.S. Edition) handbook as published by Fiduciary360 (fi360).
CEFEX Fiduciary Certificate of Registration: “Fiduciary (PPA) Adviser”
– confirming that CBIZ adheres generally to the
fiduciary standards of excellence (referred to as the Fiduciary Practices) as defined by the
“Criteria for the Annual Audit
of a Fiduciary Adviser and Associated Eligible Investment Advice Arrangements”
as published by Fiduciary360 (fi360).
The Centre for Fiduciary Excellence (CEFEX) is an independent assessment and certification organization. CEFEX
provides comprehensive assessments as measures of risk and trustworthiness of investment fiduciaries. A CEFEX
assessment includes both on and off-site confidential reviews of an organization’s practices by an independent
analyst. The process uses the ISO 19011 audit standard, an internationally recognized standard for testing process
management systems.
ERISA Best Interest (EBI) Working Group -
maintains our firm’s difference as a leader in the ERISA fiduciary support
services marketplace. The procedures developed by the working group will convert the U.S. Department of Labor’s new
rule into a set of practical guidelines. The results will help assure vendors of their compliance with the rule, and will
also help human resource executives that purchase retirement plan services identify vendors that comply with the rule.
Working Group members must be in good standing with IFLC or be enrolled as a participating vendor in FSMA.
Fiduciary Supply Management Association (FSMA) Policy Board-
FSMA is a national association serving the specialized
needs of organizations that sponsor retirement plans including those programs qualified under the Employee
Retirement Income Security Act (“ERISA”).FSMA is the first organization to establish procurement guidelines for
programs that cast a fiduciary duty on the sponsors of those programs. FSMA is a knowledgeable and efficient
community of buyers.
Investment Fiduciary Leadership Council (IFLC)
– IFLC's members include service providers that offer investment
advice, investment management, or administration services to pension plans and non-profit foundations. IFLC's
members that are enrolled in the Service Provider Community have been certified by CEFEX or ASPPA. IFLC endorses
both programs. The members of the IFLC Service Provider Community show their commitment to fiduciary support
excellence through certification and are regarded as the best of the best in the industry.
Labor & Employment Law Section of the American Bar Association:
The Employment Law Section's committees deal
with emerging legal issues and are a major force behind many developments in labor and employment law keeping
legal professional current on the latest laws. Members have the opportunity to meet and work with colleagues
experienced in the committee's area of concentration and, when appropriate, with government policy makers and
regulators. Committees meet in conjunction with the ABA Annual Meeting and several committees hold independent
midwinter meetings each year.
CBIZ Retirement Plan Services
Annual Consultant Review
81