Independent companies that help run 401(k) plans have started their own organization.
The companies, independent 401(k) plan recordkeepers, have set up the Council of Independent 401(k) Recordkeepers, Arlington, Va.
Organization members will pronounce the acronym “CIKR” as “kicker,” CIKR founders say.
CIKR will represent companies that focus mainly on offering products and services other than proprietary investment products to retirement plans, the founders say.
CIKR will give independent retirement plan recordkeepers a voice in Washington on matters such as disclosure of recordkeeping fees, the founders say.
The first chair of CIKR will be Tommy Thomasson, president of DailyAccess Corp., Mobile, Ala.
In addition to DailyAccess, CIKR members include organizations such as the retirement services arm of Automatic Data Processing Inc., Roseland, N.J.; ExpertPlan Inc., East Windsor, N.J.; Milliman Inc., Seattle; and Reliance Trust Company, Atlanta.
CIKR is a sister organization of the American Society of Pension Professionals & Actuaries, Arlington.