Intac Announces its ASPPA Certification
Wednesday, July 24, 2013
After a rigorous review process, Intac Actuarial Services is proud to announce its CEFEX certification of the prestigious Service Provider Excellence in Standards of Practice for Retirement Plan Service Providers. CEFEX (Centre for Fiduciary Excellence), provides an independent recognition of a firm’s conformity to a defined Standard of Practice. It implies that a firm can demonstrate adherence to the industry's best practices, as set forth by American Society of Pension Professionals & Actuaries (ASPPA), and is positioned to earn the public's trust.
The ASPPA Standard of Practice describes how a third party administration (TPA)/actuarial firm can assist plan sponsors in fulfilling their fiduciary obligations. The Standard includes best practices for organization, human resources, operations, planning, systems, and disclosure, as defined by a cross-industry task force and is modeled after the “Prudent Practices for Investment Stewards” published by fi360, Inc. The stringent nearly one-year certification process, which involved a comprehensive assessment of the firm’s operational data, practices and procedures, culminated in a full-day, on-site engagement of interviews with INTAC’s key employees by a CEFEX representative.
“The CEFEX certification provides assurance to fiduciaries and their stakeholders that INTAC has demonstrated adherence to the best practices in the recordkeeping and administration industry. The successful completion of the independent assessment is an extraordinary indication of a firm’s accountability to its clients,” explains CEFEX managing director, Carol Panksep.
“It is with great pride that our team of outstanding pension professionals successfully fulfilled the rigorous requirements to achieve certification by the CEFEX organization. We are extremely honored to be the only New JerseyTPA/actuarial firm to achieve this prestigious designation,” states Charles Rosenberg, INTAC managing partner.
For additional information on the certification program and CEFEX, please go to www.cefex.org. A full copy of the Standard of Practice and INTAC’s official certificate are also available on the website.