Fiduciary Statement of Plan Management® or FSPM®
The Fiduciary Statement of Plan Management® (or FSPM®) annually documents for the Plan Fiduciaries the practices, procedures and processes that they have followed in administering the plan, managing the plan's vendors and details how they have delivered on their own fiduciary responsibilities to the Plan and its participants.
The annual FSPM® can also assist the Plan Fiduciary in understanding and meeting their ongoing legal duties as required under the Employee Retirement Income Security Act (“ERISA”) and other laws, rules and regulations.
History of the FSPM®
As an Accredited Investment Fiduciary Analyst® or (AIFA®) since 2004, Brad Creger realized that there was a significant gap in the performance of the typical retirement plan’s administrative requirements as obligated under ERISA. Brad also recognized that there was a complete lack of documentation of the retirement plan’s administrative “history” on an annual basis (to correspond with plan’s recently completed plan year.) The Fiduciary Statement of Plan Management® (or FSPM®) was created and designed to fill this gap.
Although BFF Financial, Inc. has been offering our FSPM® to plan sponsors since June 2010; over the last several years Brad has recognized that the future of the retirement plan advice industry is migrating towards and will eventually center around professional administration of the retirement plan and not the plan advisor (as it currently is.)
With this in mind, Brad asked his wife Sheri Creger to separate from her Employee Benefits & Group Insurance administration role at BFF Financial (in late 2016) to open and operate a professional 3(16) retirement plan administration firm that would be able to partner with BFF Financial and other “forward thinking” retirement plan advisors.
Saving Money for the Plan
Through our strategic partnership with Benefits Functional Fiduciaries, Inc., BFF Financial has created our 360º Fiduciary-Centric™ Plan Design which has access to numerous third party fiduciaries who can assist retirement plan sponsors (“Plan Fiduciaries”)* with the day-to-day administration of their plan as well as fund selection thereby eliminating the need for the traditional and often relatively expensive retirement plan advisor. Our 360º Fiduciary-Centric™ Plan also includes the adoption and implementation of an annual FSPM® (Fiduciary Statement of Plan Management®.)
Dramatically Lowering Plan Sponsor Liability
One key advantage which is a result of our 360º Fiduciary-Centric™ Plan design is the dramatic lowering of the personal liability that the Plan Sponsor takes on. With the targeted outsourcing of specific responsibilities to third-party fiduciaries, the Plan Sponsor can significantly reduce their personal liability for the Plan's fund selection, day-to-day administration and inappropriate participant investment selections.
Schedule a Meeting with BFF Financial to learn more about how you can partner with Benefits Functional Fiduciaries, Inc. and other fiduciaries to help reduce your personal fiduciary risk and give you back your time.