Fiduciary Risk Assessment L.L.C. has published the 404(c) Compliance Diagnostic tool.
The tool is an automated software system that service providers, benefit plan administrators, lawyers and plan advisors can use to screen for 404(c) compliance problems, according to Fiduciary Risk, Charlotte, N.C.
Fiduciary Risk has obtained a legal opinion supporting the software from Helms, Mulliss & Wicker P.L.L.C., Charlotte, and it notes that customers should use the software carefully, in conjunction with help from their legal advisors.
Section 404 of the Employee Retirement Income Security Act governs retirement plans that give participants decision-making authority over plan investments.