Posted on May 27, 2020
RECORDKEEPER/ADMINISTRATOR RENEWS CERTIFICATION TO INDUSTRY BEST PRACTICES
PITTSBURGH, May 27, 2020, CEFEX, Centre for Fiduciary Excellence, LLC, has renewed the certification of TPS Group, headquartered in North Haven, CT as adhering to the American Society of Pension Professionals & Actuaries (ASPPA) Standard of Practice for Retirement Plan Service Providers
The ASPPA Standard of Practice describes how a service provider of any size or type can help Plan Sponsors fulfill their fiduciary obligations. CEFEX uses 2 classifications: 1. in-house recordkeeping services and 2. administration services (i.e. third party administration). The Standard includes best practices for governance, organization, human resources, operations, planning, systems, and disclosure, as defined by a cross-industry task force established in 2007. The Standard is modeled after the “Prudent Practices for Investment Stewards” published by Fi360, Inc. of Pittsburgh, PA.
TPS Group provides third party administration for 401k, profit sharing, money purchase, 457(b), 403(b), cash balance and defined benefit plans. According to the Managing Director of the Centre for Fiduciary Excellence, Carlos Panksep, “Maintaining certification requires a continued adherence to the industry’s best practices. This is verified through our annual renewal assessment.”
The annual certification process involves a detailed assessment of operational data and procedures, followed by on-site interviews with key personnel. TPS Group is registered at http://www.cefex.org/ASPPAAdministration/ where its certificate can also be viewed. A summary of the Standard can be viewed by clicking on the certificate.
For information on the certification program and CEFEX please go to www.cefex.org, where a full copy of the Standard of Practice is available.
For information about ASPPA, please go to www.asppa.org.
For information on TPS Group please go to: www.tpsgroup.com
CEFEX, Centre for Fiduciary Excellence, LLC, an Fi360® company, is an independent certification organization. CEFEX works closely with industry experts to provide comprehensive assessment programs to improve the fiduciary practices of investment stewards, advisors, recordkeepers, administrators and managers. CEFEX is based in Pittsburgh, PA. Connect to CEFEX at www.CEFEX.org, via Twitter @CEFEX1 and on LinkedIn @CEFEX.Back to Blogs Helpful Resource Links