Publications: Press Release

July 21, 2008

Media Contact:      Matthew Eiserloh       (866) 933-IFLC

IFLC Endorses Recordkeeper Certification Program

WASHINGTON DC - The Investment Fiduciary Leadership Council ("IFLC") announced today that it is endorsing the recordkeeping certification program offered by the American Society of Pension Professionals & Actuaries ("ASPPA"). An industry task force, drawn from firms that perform recordkeeping services for retirement plan sponsors, developed the certification program in 2007. Under ASPPA's guidance, the task force produced an array of 17 practices that form the standard against which recordkeeping firms are certified.

IFLC elected to endorse ASPPA's program following its extensive evaluation of the certification standard. "Organizations that sponsor retirement plans need to hire recordkeepers that deliver the maximum in fiduciary support," said Ronald E. Hagan, Chairman of IFLC's board of directors and CEO of Roland|Criss. "For the safety of plan sponsors and participants alike, it is increasingly vital that recordkeeping firms operate free of conflicts of interest. They also need to disclose fully their fees and revenue sources to their clients. ASPPA's standard for recordkeeping firms is an excellent benchmark. Firms that earn certification against the standard are worthy of retirement plan sponsors' trust," Hagan added.

The certification program requires an independent audit of the recordkeeping organization using the 17 practices as its criteria. The certification process mirrors the ISO 19011 audit methodology for testing quality management systems. Roland|Criss, the leading provider of certification audits, reports that nearly twenty recordkeeping firms have entered ASPPA's certification program since its introduction in February this year. According to Roland|Criss, nine recordkeepers have already earned their certification.

ABOUT IFLC

IFLC's member firms include corporate retirement plan sponsors, public pensions, investment advisors, and investment managers. Collectively referred to as investment fiduciaries, they believe that the retirement plan industry should quickly move to the adoption of a defined standard that embraces every type of fiduciary organization. To this end, IFLC's purpose is to facilitate the adoption of the Global Fiduciary Standard of Excellence and to identify publicly the organizations that conform to its practices. Certification by CEFEX is a pre-requisite for membership in IFLC.

For more information on ASPPA, please visit www.ASPPA.org.

For more information on Roland|Criss, please visit www.rolandcriss.com.