A momentous meeting took place in New York City today between Jeffrey D. Mamorsky, Esq., one of the original drafters of ERISA, and the three founders of the ERISA Fiduciary Guild ("Guild").
New York, NY (PRWEB) February 7, 2005 -- A momentous meeting took place in New York City today between Jeffrey D. Mamorsky, Esq., one of the original drafters of ERISA, and the three founders of the ERISA Fiduciary Guild ("Guild"). By the end of the day, all had agreed that Guild members (officially known as Master Pension Fiduciaries) would be empowered under the agreement to perform professional fiduciary audits.
Mr. Mamorsky is a senior partner and Chairman of the Employee Benefits Group of Greenberg Traurig LLP ("GT"). His GT Fiduciary AuditŪ Services Team ("GT FAST") will provide direction to the Guild and its Master Pension Fiduciaries in implementing these "best practice" Fiduciary AuditŪ Governance Procedures for private and public plans throughout the U.S.
GT Fiduciary Audit Services Team ("FAST")
"Fiduciary AuditŪ" is a registered trademark of GT FAST and Jeffrey D. Mamorsky. Inherent in a Fiduciary AuditŪ would be specific favorable features benefiting participants and plan sponsors who engage Master Pension Fiduciaries to perform such an audit. A unique benefit of engaging a Master Pension Fiduciary to perform a Fiduciary AuditŪ will be that following the audit the plan sponsor and fiduciaries will be eligible to apply to AIG for insurance indemnifying them and the plan against any DOL penalties and/or IRS sanctions and corrective contributions that may be required as a result of an IRS audit. Upon approval by AIG, a policy covering only IRS liability would be issued if the plan had an existing fiduciary liability policy or an AIG fiduciary liability contract containing the same IRS liability coverage would be issued. Also covered will be legal and consulting fees associated with any IRS/DOL review or action. This, along with all of the other valuable benefits of a Fiduciary AuditŪ performed by a Master Pension Fiduciary makes the engagement highly valuable to all interested parties.
The FAST audit is the most comprehensive Fiduciary AuditŪ of its kind. It covers all plan compliance requirements including those prescribed by ERISA/DOL regulation, the IRS and Sarbanes Oxley ("SOX"). The FAST audit is highly sophisticated and therefore those performing these audits must possess the commensurate expertise required to accomplish the audit, and then ensure that all corrections (if any) are properly implemented and adhered to prospectively. Mr. Mamorsky noted that Master Pension Fiduciaries are uniquely qualified to perform the Fiduciary AuditŪ Operational Review in view of the arcane and complicated requirements of ERISA, IRS rules and the new SOX governance standards applicable to retirement plans.
Mr. Mamorsky added, "Master Pension Fiduciaries, as the duly appointed Plan Independent Fiduciary, are in a position to make certain that the corrections and other recommendations included in the Fiduciary AuditŪ Annual Report are consummated, thus assuring operational compliance on an ongoing basis. Prospective correction and ongoing compliance have been the missing link in the process." In conclusion, Mr. Mamorsky stated "Now this missing link will finally be accomplished through the marriage of GT FAST and the Guild's Master Pension Fiduciaries who will serve as the ultimate Independent Fiduciary."
Guild President Brooks Hamilton also stated, "If a thousand mile journey indeed begins with a single step, that step was taken today in NYC. Hopefully, our children's children will have a reasonable opportunity to retire in dignity. If so, January 31, 2005 will be looked back upon as a significant and historic day."
Those in attendance representing FAST were Jeffrey R. Mamorsky, Terry Moore and Cynthia Groszkiewicz. Those present representing the ERISA Fiduciary Guild were its three founders, Brooks Hamilton, Steve Lansing and Matthew D. Hutcheson.
About the ERISA Fiduciary Guild
The ERISA Fiduciary Guild ("EFG") is a non-profit organization whose membership is a society of professional independent pension fiduciaries. Members of the Guild are independent decision makers who are appointed for the sole purpose of relieving corporate officers/executives of the day-to-day decisions and responsibilities they would otherwise bear, and also to ensure that there are no conflicts of interest between a plan, its sponsor and the fiduciaries who are charged with protecting the interests of the participants and beneficiaries. Plan sponsors can look exclusively to EFG members as their sole source for fiduciary services, and can be absolutely certain they will benefit from the highest level of skill, talent and expertise. To request the services of a Master Pension Fiduciary, email the Guild at info@fiduciaryguild.org, and you will be given the name of an MPF in your area. Visit the Guild's website www.fiduciaryguild.org.
If you are an independent fiduciary, and meet all of the membership requirements set forth in www.fiduciaryguild.org/membership, you are invited to become a master member of the Guild by downloading the application and submitting it with the associated payment of dues. If you are not a fiduciary, but would like to enter the fiduciary profession, please contact the Guild via email at info@fiduciaryguild.org.
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