Fiduciary In A Box and Homa Health have announced a significant partnership aimed at utilising artificial intelligence to enhance compliance for plan sponsors and fiduciaries under the Employee Retirement Income Security Act (ERISA). The collaboration introduces an AI-powered contract review tool that is designed to automate the analysis of plan contracts, ensuring adherence to ERISA regulations as well as the requirements of the Consolidated Appropriations Act of 2021. Users of the Fiduciary In A Box platform will be able to upload their plan contracts for an AI-driven review, which will yield a report evaluating compliance with federal standards. Jamie Greenleaf, co-founder of Fiduciary In A Box, remarked, “With Homa Health’s cutting-edge technology, our users can identify and address non-compliance issues quickly and confidently, well in advance of their next Gag Clause Prohibition Compliance Attestation, due December 31.”
In a separate financial development, Wespath Institutional Investments LLC has unveiled two new investment funds that specifically cater to institutional investors seeking to exclude fossil fuel companies and securities associated with conflict-affected regions from their portfolios. The Social Values Choice Equity Fund – I Series and the Social Values Choice Bond Fund – I Series have been designed to provide faith-based and values-aligned nonprofit organisations, including foundations and higher education institutions, with investment opportunities that reflect their ethical considerations. Wespath Benefits and Investments CEO Andy Hendren stated, “We know investors have diverse perspectives on how to respond to complex challenges like climate change and areas of human conflict, and we want to provide investment options that resonate with their values.”
Furthermore, Payroll Integrations Inc. has been working with U.S. employers to facilitate compliance with the SECURE 2.0 Act of 2022, which introduces changes set to take effect on January 1, 2025. These changes include automatic enrollment for new retirement plans at a baseline of 3% of employees’ salaries, adjustments to catch-up contribution limits, and the capacity to match student loan payments. Payroll Integrations has established pre-built integrations with notable platforms such as ADP and Paychex, allowing employers to automate retirement enrolment and eligibility checks swiftly. Doug Sabella, CEO and co-founder of Payroll Integrations, commented, “We’re making it easy for employers to comply with SECURE 2.0 requirements and do so quickly as we head into 2025, so they can direct their time and focus on employees’ financial wellness.”
In advancements in financial technology, Voya Financial Inc. has partnered with Orion to develop an enhanced technology platform called Voya WealthPath, aimed at improving the productivity of Voya Financial Advisors. This platform will equip financial professionals with tools for financial planning and client relationship management, facilitating a more efficient operation. Jonathan Reilly, president of Voya Financial Advisors, stated, “Over the past several years, Voya has delivered on our mission and vision of serving our clients, and the financial professionals we work with while continuing to meet the evolving health, wealth and investment needs of our customers and their participants.”
Lastly, The Bank of New York Mellon Corp. has teamed up with Conduent Inc. to create an all-encompassing pension risk transfer solution that streamlines the services required for companies and pension acquirers. This collaboration aims to combine BNY’s global payments capabilities with Conduent’s service expertise in record maintenance for pension accounts, thereby enhancing transactional management and customer support for pension members. John Larson, vice president of total benefits at Conduent, explained, “Companies and their insurers or pension acquirers can reduce liabilities, risks and administration costs while Conduent and BNY provide stellar support to plan participants.” Carl Slabicki, from BNY’s Treasury Services, added, “By drawing on BNY’s platform infrastructure for payments and cash management services, and Conduent’s integrated administration expertise, we are able to deliver a unified, end-to-end package that supports clients through every stage of the pension risk transfer lifecycle.”
These developments reflect a growing trend towards utilising emerging technologies, particularly artificial intelligence, to enhance compliance and operational efficiency across various sectors in the financial and retirement planning industries.
Source: Noah Wire Services