BidMoni's Fiduciary Shield is an online platform that streamlines the creation and management of employer-sponsored retirement plans by providing automated documentation, fee analysis, and like-for-like bid comparisons. This technology helps fiduciaries meet ERISA compliance requirements while minimizing litigation risks and saving time in plan administration.
Funding
$130K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Managing employer-sponsored retirement plans is often a time-consuming and complex process, exposing fiduciaries to potential ERISA litigation risks due to the difficulty of documenting prudence, comparing bids, and conducting ongoing fee analysis. Traditional methods lack efficiency and transparency, making it challenging for fiduciaries to meet their obligations effectively.
Solution
Fiduciary Shield by BidMoni is an online platform designed to streamline the creation and management of employer-sponsored retirement plans, providing tools to enhance efficiency and mitigate fiduciary risk. The platform automates documentation processes, facilitates like-for-like bid comparisons, and offers continuous fee analysis and monitoring with automated reporting. By infusing technology into retirement plan management, Fiduciary Shield simplifies fiduciary responsibilities and promotes a more transparent and efficient marketplace for all parties involved.
Target Audience
The primary users are plan fiduciaries, including advisors and employers, who seek to efficiently manage employer-sponsored retirement plans while fulfilling key fiduciary obligations and reducing exposure to ERISA litigation.
Features
- Automated documentation of processes for demonstrating prudence in plan management.
- Like-for-like bid comparisons to ensure competitive pricing and value.
- Continual fee analysis and monitoring with automated reporting to track plan costs.
- Streamlined platform for efficient retirement plan marketplace management.