Loading in 2 Seconds...
Loading in 2 Seconds...
ASPPA Recordkeeper Certification: Your Seal of Excellence Western Benefits Conference July, 2008 Seattle, Washington. How Did Certification Emerge?. ASPPA…the industry’s most trusted source for: Professional credentials Legislative tracking Regulatory representation
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
Ronald E. Hagan
CEO and Chairman
The New Regulation that will Shakeup the Recordkeeping Business:DOL 408(b)(2)
ASPPA’s Service Class I
Bookkeeping for trading is bundled along with proprietary products and services.
ASPPA’s Service Class II
Bookkeeping for trading transactions is nearly the sole focus, but alliances with investment firms, third-party administrators, asset custody, and trust providers round out a full offering of services.
ASPPA’s Service Class III
This is an Administration only business model.
(No bookkeeping for trading transactions, investment products, asset custody, or trust services.)
Develop and maintain processes and controls
Document the execution of processes
Continuously evaluate the effect of processes
Overview of the ASPPA Standard
The Four Building Blocks
3 Steps to Certification
1.OFF-SITE DATA COLLECTION
CEFEX analyst gathers and formats information
Verify data and interview key personnel
CEFEX Registration Committee makes certification decision
Certificate issued to client…public viewing at www.cefex.org
1. Pre-empts Federal Licensing for Recordkeepers
Self-regulation uses a defined industry standard
2. Public Confirmation
Instills trust throughout the industry
3. Commitment to Stakeholders
Ongoing rigorous audits ensure adherence to standards and continuous improvement
4. Market Recognition
The mark conveysan identity of excellence
5. Effective Risk Management
Reduces the potential of future liability claims
Meets plan sponsors’ demand for certified providers
Chris Stroud, MSPA, MAAA, EA
“This is the first time in the history of business that you can be great at what you’re doing today and be out of business tomorrow.”
- Ken Blanchard
& Terry Waghorn
Qualifies industry self-regulated status YES NO_
Defined standard based on regulatoryYES NO
Audit methodology equally applied to all YES NO
Audit focuses on overall organizational YES NO
Audit considers other assessments/audits YES NO_
Central committee decides pass/fail on a YES NO
Evaluates company’s capability to support YES NO
a fiduciary organization’s legal duty_________________
“We double the change rate every decade…
we’ll make twenty years of progress by 2014 and
do the same again in only seven years.
We will witness 1,000 times the rate of progress in the 21st century as compared to the 20th century.”
- Ray Kurzweil, author, futurist
“The exponential growth of information technologies
is even greater:
We’re doubling their power about every year…
As an example, it took us 14 years to sequence HIV; we recently sequenced SARS in only 31 days.”
- Ray Kurzweil, www.singularity.com
The Human Connection
Why Businesses Fail…
"In most companies, people at the top know where they are going – but the employees struggling to get the work done are often in the dark about the company direction. If you don't tell them where you want to go, you probably won't get there. A written business plan allows you to do that."
- Ken Ingham, MSPA, MAAA, EA, AIFA ®
Ingham Retirement Group
A Living, Breathing Document
Ron Hagan Chris Stroud