BNY Mellon’s Pershing Launches New Retirement Plan Oversight Tool

April 16, 2018

New Solution Helps Advisors and Home Offices Realize Better Efficiencies and Provides Increased Transparency in Retirement Plan Management

Jersey City, N.J. — BNY Mellon’s Pershing today announced the launch of a new solution to help firms and plan advisors achieve greater consistency and efficiency in how they service retirement plans. The Retirement Plan Oversight Tool underscores Pershing’s continued focus on bolstering its retirement plan offerings.

“The future of the DOL Rule may be in limbo, but firms had been looking to improve oversight of ERISA plans well before the DOL tried to expand the definition of fiduciary,” said Robert Cirrotti, managing director and head of retirement and investment solutions at BNY Mellon’s Pershing. “Our oversight tool creates greater transparency for firms to manage where and when they act in a fiduciary capacity, leading to improved business controls and governance practices.”

The Retirement Plan Oversight Tool, which is implemented as part of Pershing’s existing Retirement Plan Network, is an integrated compliance and oversight tool that allows home offices to create up to four sets of best practices and protocols for their plan advisors to follow when servicing retirement business.

Once a firm establishes a set of requirements, plan advisors utilize the tool to guide how they service their individual retirement plan business and document their adherence to their firm’s requirements. An easy-to-understand dashboard can be viewed in real-time by both plan advisors and home office employees for seamless management of retirement plan business.

“We built this tool based on comprehensive feedback from our clients, retirement plan advisors and the industry at large,” added Cirrotti. “The goal was to develop a solution that helps create consistency in how retirement plans are serviced and enhances the compliance experience for both plan advisors and executives.”

To learn more about Pershing’s Retirement Plan Oversight Tool and recent additions to its Retirement Plan Network, please click here.

About BNY Mellon's Pershing

BNY Mellon’s Pershing is a leading provider of clearing and custody services. We are uniquely positioned to help complex financial services firms transform their businesses, drive growth, maximize efficiency, and manage risk and regulation.

Wealth management and institutional firms outsource to us for trading and settlement services, investment solutions, bank and brokerage custody, middle and back office support, data insights, and business consulting.

Pershing brings together high-touch service, an open digital platform and the BNY Mellon enterprise to deliver a differentiated experience for every client.

Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. With offices around the world, Pershing has over $2 trillion in assets and millions of investor accounts. Pershing affiliates include Albridge Solutions, Inc. and Lockwood Advisors, Inc., an investment adviser registered in the United States under the Investment Advisers Act of 1940. Additional information is available on pershing.com, or follow us on LinkedIn or Twitter @Pershing.

About BNY Mellon

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of June 30, 2021, BNY Mellon had $45.0 trillion in assets under custody and/or administration, and $2.3 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

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