TORONTO, October 15, 2009 – CEFEX, Centre for Fiduciary Excellence, LLC, has certified Suemori & Inouye, Inc. of Honolulu, HI as adhering to the American Society of Pension Professionals & Actuaries (ASPPA) Standard of Practice for Recordkeepers. Suemori & Inouye, Inc. (S&I) is among the first firms in the United States to successfully complete the independent certification process for recordkeepers.
The ASPPA Standard of Practice describes how a recordkeeper of any size or type can help Plan Sponsors fulfill their fiduciary obligations. CEFEX uses 3 classifications: full-service recordkeeping including investments and administration, full-service recordkeeping including third party administration through alliances, and third party administration only. The Standard includes best practices for governance, organization, human resources, operations, planning, systems, and disclosure, as defined by a cross-industry task force established in 2007. The Standard is modeled after the “Prudent Practices for Investment Stewards” published by Fiduciary360 of Pittsburgh, PA.
S&I provides Third Party Administration services. According to the General Manager of the Centre for Fiduciary Excellence, Carlos Panksep, “The CEFEX certification provides assurance to fiduciaries and their stakeholders that S&I has demonstrated adherence to the best practices in the recordkeeping industry. The successful completion of the independent assessment is an extraordinary indication of a firm’s accountability to its clients.”
The annual certification process involves a detailed assessment of operational data and procedures, followed by on-site interviews with key personnel. S&I is registered at www.cefex.org/registeredCompanies.aspx where its certificate can also be viewed. A summary of the Standard can be viewed by clicking on the certificate.
For information on the certification program and CEFEX please go to www.cefex.org, where a full copy of the Standard of Practice is available.
For information about ASPPA, please go to www.asppa.org.
For information on S&I please go to: www.sipensiongroup.com.
The Centre for Fiduciary Excellence, LLC. is an independent certification organization. CEFEX works closely with industry experts to provide comprehensive assessment programs to improve the fiduciary practices of investment stewards, advisors, recordkeepers and managers. CEFEX has offices in Toronto, Canada, and Pittsburgh, PA.