The global certifier, CEFEX based in Toronto, can help with the mitigation of legal risk for plan sponsors. From the CEFEX press release of 08-30-12: “Today we are announcing a legal opinion letter which helps plan sponsors mitigate the risk associated with the selection of service providers.
The risk arises partially in connection with the disclosures plan fiduciaries receive from their service providers under Department of Labor regulation
2550.408.b-2(c), which became effective July 1, 2012. Now that plan sponsors are receiving the disclosures, they
must ensure that they have the right disclosures and then must evaluate those disclosures.”
The assessment and certification process we use in conjunction with CEFEX is a prerequisite in order to receive the letter. Please click Release to view the information from CEFEX or contact us for further information.(Note: This applies equally to both for profit and not for profit organizations.)