Fiduciary Benchmarks Launches New Service for Retirement Plan Industry
PORTLAND, OR, and KANSAS CITY, MO, October 3, 2007 -- Fiduciary Benchmarks, Inc. today announced the formation of a new company to provide comprehensive qualitative and quantitative benchmarking services for defined contribution plans. Founding partners include Tom Kmak, former CEO of JPMorgan Retirement Plan Services, Ron Eisen, President of Investment Management Consultants, and Olena Berg Lacy, former Assistant Secretary of Labor and currently Director and Senior Advisor for Financial Engines.
The new company is designed to fill the void that exists in the defined contribution marketplace when it comes to benchmarking services that are completely transparent and comprehensive. "As an added plus, our service will be offered at a price point that allows every plan sponsor, regardless of size, the ability to benchmark their plans so they can fulfill their fiduciary duties," says Ron Eisen.
"As more American workers become dependent on their 401k plans as their primary source of retirement income, it is critical that all of us in the industry work to ensure that the best possible decisions are made in their interest," says Olena Berg Lacy. "Fiduciary Benchmarks will advance our ability to do so."
Tom Kmak cites increasing scrutiny of defined contribution fees within the defined contribution industry, which now has 780,000 plans and over $2 trillion in assets. "Every single plan sponsor I know," says Kmak, "understands the intense amount of scrutiny this issue is receiving in the press, the courts and Washington. As this industry continues to evolve, plans sponsors, participants and service providers will be well served by having an objective and independent expert provide them the information they need to make important decisions."
The company's partners point out that even if the legislative furor subsides, plan sponsors will want to understand how the costs they are paying compare to the value they are receiving from their service providers. "Today, plan sponsors spend many hours and thousands of dollars to obtain incomplete information that in many cases is not truly apples to apples," says Eisen.
Joining in the Fiduciary Benchmarks partnership are IMC Director Matt Golda and IMC Principal David Bodmer. "Our depth of experience and knowledge of every market segment and business arrangement brings exceptional value to this service," says Eisen.
The new company is headquartered in Portland, OR, with offices in Kansas City, MO. For more information, contact Matt Golda at 800.280.5659 or mattgolda@fiduciarybenchmarks.com
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