Since 2011, Benefits Administrators, LLC has been certified by the Centre for Fiduciary Excellence, LLC (CEFEX). We take pride in the fact that we are the only independent administrative and consulting firm in our area to earn this designation. This accreditation indicates that we are held to the best practices of our industry and that we adhere to the Standard of Practice for Retirement Plan Service Providers of the American Society of Pension Professionals and Actuaries (ASPPA).
The General Manager of CEFEX stated that “The CEFEX certification provides assurance to fiduciaries and their stakeholders that Benefits Administrators has demonstrated adherence to the best practices in the retirement industry. The successful completion of the independent assessment is an extraordinary indication of a firm’s accountability to its clients.”
This is not a one-time certification but must be renewed annually with a detailed assessment of our operational data and procedures followed by on-site interviews with our staff. The process consists of reviewing our business tax returns and financial statements, interviews with staff, and an assessment of the internal process, internal controls and peer review system. Upon completion of the audit, we are provided a renewal of our certification. The auditor also shares industry updates, so we can implement the “cutting edge” of the industry. The goal of the annual renewal is to verify the continued level of service, controls, structure and highest industry standard of excellence is maintained each year.
Our CEFEX certification has been valuable to us as a determination that our company is held to the highest standards. In light of the regulations issued by the Department of Labor imposing fiduciary status on financial consultants and advisors, our certification should be reassuring to you as you work with plan sponsors in the proper administration of qualified retirement plans.
We’d be pleased to discuss our services for plan sponsors and participants and the ways in which we can assist you in this area.