The Fiduciary Audit® Protection Program is different from other fiduciary reviews/audits conducted by legal, CPA or consulting firms. It is an ongoing process, not a one-time audit event.

The Benefit of the Fiduciary Audit® Protection Program: Fiduciary risk of operational defects in plan administration is outsourced by the plan sponsor to ERISA professionals using a well-defined operational audit process. Plan sponsors no longer have to struggle through plan documents or sort through the technical complexities of operational governance with no true assurance that plan operations and administration are accurate. There is now a process, and proof, that administrative operations are functioning at the highest level of accuracy.

Sarbanes-Oxley Compliance: The Program establishes self-audit internal control procedures necessary to assure SOX compliance. This includes the internal controls required by §404 of SOX. The internal controls are documented as part of the Program.

The Program’s Developer: The Fiduciary Audit® Protection Program was developed by Jeffrey Mamorsky, JD, Chairman of the ERISA Department of the law firm of Greenberg, Traurig, LLP. Mr. Mamorsky was one of the original crafters of the ERISA legislation. The Program assures the highest accuracy of record keeping and compliance with governing plan documents.

Insurance Feature: Once a plan sponsor has installed the Program, the sponsor and plan are certified by Greenberg, Traurig, LLP as being operationally compliant. Optional insurance is available from Lloyds of London via the Fiduciary Audit Insurance Program® to indemnify the Plan Sponsor, Plan Committee members, and trustees for any IRS liability (CAP, IRS monetary sanctions and the cost of corrections). The IRS and DOL have approved payment of this type of insurance premium from plan assets at the sponsor’s discretion.

Additional Benefits:

• Allows a plan sponsor to qualify for relief from monetary sanctions under the IRS’ CAP and the DOL’s VFC Programs.
• Plan sponsors may qualify for reduced premiums for ERISA Fiduciary Liability Insurance and obtain endorsement(s) to protect against Sarbanes-Oxley ERISA White Collar Criminal Penalty provisions, SOX Plan Blackout Penalty Provisions, and DOL civil penalties for breach of fiduciary duty.
• Sponsors may avoid civil liability for corporate directors who fail to establish procedures for monitoring operational compliance.