Axa Equitable Life Insurance Co. introduced a tool kit for defined contribution plan sponsors.
The Axa Fiduciary Toolkit, available through the Axa Group unit's Retirement Strategies 401(k) product, is designed to help small and midsize businesses manage the fiduciary responsibilities of offering a 401(k) plan.
Fiduciaries can be liable if their plan is not administered correctly under the rules of the Employee Retirement Income Security Act.
The tool kit is designed to help businesses avoid common mistakes, such as not documenting fiduciary decisions, not maintaining supporting documentation related to the plan's investments, and administrative mistakes, the unit said last week.
Axa Equitable's Retirement Strategies products are variable annuities offered to 401(k) plans.
