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CCH® PENSION AND BENEFITS — 04/10/09

Independent Retirement Plan Advisers Form New Organization

from Spencer’s Benefits Reports: A group of independent retirement plan investment advisers has formed the National Association of Independent Retirement Plan Advisors (NAIRPA). The group is a sister organization to the American Society of Pension Professionals & Actuaries (ASPPA).

The mission of the NAIRPA is to educate on and advocate for the role of retirement plan advisers, the importance of independence, and “the real meaning of independence.” The NAIRPA is not affiliated with financial services companies. Its members are registered investment advisers whose fees for service do not vary with the investment options selected by the plan or participants.

NAIRPA members also make other commitments about fee arrangements and fiduciary status. Members commit to disclosing expected fees in advance of an engagement, reporting fees annually thereafter, and agreeing to serve as a plan fiduciary of all plans for which it serves as a retirement plan adviser.

NAIRPA stated that it will provide opportunities for independent advisers to participate in policy discussions about crucial issues, such as investment advice and fee disclosure for 401(k) plan investments. NAIRPA intends to work closely with regulators at the Department of Labor and with policymakers in Congress “to ensure independent retirement plan advisers have a voice in setting and implementing policies to strengthen the retirement system for working Americans.”

“NAIRPA will give independent investment advisers a voice in ongoing policy discussions about investment and fiduciary issues for qualified retirement plans,” stated Mark Davis of CAPTRUST Financial Advisors, a founding member of NAIRPA. “We believe independent advisers have unique expertise to offer, and previous to NAIRPA, we have not had an organization to represent our interests in the retirement plan industry.”

As a sister organization, ASPPA will be providing logistical and lobbying support to NAIRPA. Firms interested in joining NAIRPA can contact Kara Getz via e-mail at kgetz@asppa.org for more information.

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