Independent 401(k) plan recordkeepers and the companies that support them want more control over their destiny.
The recordkeepers recently set up their new group, the Council of Independent 401(k) Recordkeepers, Arlington, Va., to influence the laws, regulations and batches of guidance pouring out of Washington.
Tommy Thomasson, the first chairman of CIKR (pronounced “Kicker”), talked about the founding of the group during an interview.
“The need has been there for a while,” says Thomasson, who is president of DailyAccess Corp., Mobile, Ala,
Up till now, there “hasn’t been a voice for independent agents,” Thomasson says.
Major topics of interest include “any recordkeeping and administrative issues on behalf of planned sponsors and participants,” such as the Pension Protection Act of 2006 and various information disclosure requirements, Thomasson says.
CIKR is a sister organization of the American Society of Pension Professionals & Actuaries, Arlington, Va.
ASPPA is “providing our infrastructure at this time,” along with supplying logistical and lobbying support, Thomasson says.
The CIKR member companies may not be primarily in the business of selling proprietary investment products. The member companies do sell through retirement plan service providers or directly to plan sponsors, Thomasson says.
The founding members include companies such as Automatic Data Processing Inc., Roseland, N.J.; ExpertPlan Inc., East Windsor, N.J.; Milliman Inc., Seattle; and Reliance Trust Company, Atlanta.