CHARLOTTE, NC, December 18, 2018 – MillenniuM Investment & Retirement Advisors (MillenniuM), a registered investment advisory firm focused on qualified retirement plan compliance, announced today that its team of inventors (James Holland, Will Branch and Rick Canipe) is launching their recently patented and licensed Investment Evaluator tool called the PlanAnalyzer™.
The Nation’s First and Only Comprehensive 401(k)/403(b) Compliance Evaluation Tool
The United States Patent and Trademark Office (USPTO) issued Patent No. 10,127,614 called the Investment Evaluator in July 2018. Branded the PlanAnalyzer™, the invention evaluates the effectiveness of investment committees, investment advisors and the prudence of plan investments relative to IRS and DOL rules, trust law, the prudent investor rule and Supreme Court rulings.
“Though courts and regulators only acknowledge benchmark comparisons, performance relative to peers has been the primary performance evaluation method used in the industry which tends to understate the effect of problem funds” said Rick Canipe, IRS Enrolled Agent and founder of MillenniuM. “For millions of Americans in retirement plans, there has been a great need to identify the actual dollar cost for lagging or underperforming funds so the true effect of buying and owning imprudent funds over time can come to light.”
Federal regulation §2550.408b-2 requires that service providers bring value and are “necessary”, while §2550-404a-5 informs investors of fund performance versus benchmarks (not peers)—but this is only required in percentage (%) terms. PlanAnalyzer™ aids both efforts by assessing whether the investment advisor added value by choosing prudent investments that performed well (versus their SEC prospectus benchmark) over the past six-year statute of limitations period.
Given the sharp increase in retirement plan litigation and Labor Department investigations, business owners and other plan fiduciaries now have an independent assessment tool checking the prudence of their investments, the quality of their investment provider and any potential liability if they fail to act in removing imprudent underperforming funds.
“There are many benchmarking and plan review tools available in the marketplace, but most are simply an x-ray or MRI of an isolated area of a plan, PlanAnalyzer™, however, is a full body scan that roots out the problems that cause plan fiduciaries to find themselves in the crosshairs of litigators and regulators” said James Holland, Director of Business Development. “The data is derived from IRS and SEC filings so it removes any subjectivity or opinion.”
“We credit our clients for starting us down this path,” said Will Branch, investment analyst, “they continually challenge us, ask tough questions and make us prove that our assertions are grounded in the regulations. Over five years ago we looked for a tool that could help us address some of these questions but finding none we set out to develop one. To our clients, we say thank you for being diligent fiduciaries and always encouraging us to be at our best.”
Established in 1994, MillenniuM Investment & Retirement Advisors, LLC located in Charlotte, NC operates as a unique 401k independent fiduciary firm. Motivated by not only by the letter, but also the spirit of ERISA, Department of Labor regulations and IRS rules, our mission is to remove from Plan Sponsors most of their fiduciary risk, liability and labor. Our expertise has led plans through IRS and DOL investigations, Correction Programs and saved plans millions from excessive fees. Though capable of solving major retirement plan headaches, our true value lies in the ability of steering plan fiduciaries away from the pitfalls that cause their qualified retirement plan to underserve the needs of its workers.