Centre For Fiduciary Excellence (CEFEX) Re-Certifies Rea & Associates
July 17, 2020 | New Philadelphia – Rea & Associates, Inc., a regional accounting and business consulting firm, has once again been certified by CEFEX, Centre for Fiduciary Excellence, LLC, as adhering to the American Society of Pension Professionals & Actuaries (ASPPA) Standard of Practice for Retirement Plan Service Providers. By successfully completing the independent certification process for service providers, Rea & Associates joins an elite group of firms. Moreover, the regional CPA firm is the only CPA firm in the State of Ohio that has achieved this highly-regarded certification, a distinction that Rea & Associates has secured for three consecutive years.
“Securing CEFEX certification further demonstrates our firm’s industry leadership in plan administration services,” said Paul McEwan, CPA, MTax, AIFA, principal and director of benefit plan services. “Achieving this type of certification isn’t easy. A lot of work goes into it and a lot is expected from the firm and from our plan administration team. But we continue to do it year-after-year because fiduciary excellence and exceptional client service drives what we do every day. It’s worth it.”
The ASPPA Standard of Practice describes how a service provider of any size or type can help plan sponsors fulfill their fiduciary obligations. CEFEX uses 2 classifications: 1) in-house recordkeeping services and 2) administration services (i.e. third-party administration). 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 Fi360 Inc.® of Pittsburgh, PA.“The CEFEX certification provides assurance to fiduciaries and their stakeholders that Rea & Associates has demonstrated adherence to the best practices in the TPA industry,” said Carlos Panksep, managing director of the Centre for Fiduciary Excellence. “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. Rea & Associates is registered here, where its certificate can also be viewed. A summary of the Standard can be viewed within the online certificate. More information about the certification can also be found at www.reacpa.com/service/retirement-plan-services/cefex-certified.