Fee Analysis & Vender Benchmarking
Regulations under ERISA Sec. 408(b)(2) require plan sponsors to receive required disclosures from all covered service providers; use the disclosures to identify unnecessary or unreasonable services and costs and take action to eliminate or change them; and report cost and service information to participants and respond to their inquiries.
To comply, plan sponsor fiduciaries must adopt a documented, detailed process that ensures that each service provider compensated from plan assets is performing services that are necessary for the establishment or operation of the plan and the direct and indirect compensation paid to the service provider is within reason for the value and quality of service.
Regular benchmarking your company’s retirement plan is critical to help ensure its compliance, value, and impact. We can help!
Once your plan is in place, we will be an advocate for you and your plan. You can expect us to do the following to assist in your fiduciary responsibilities:
- Monitoring of participation levels and performance
- Annual plan cost benchmarking and analysis against other vendors and plans
- Guidance on areas of improvement
- Provide transition support
- Help with RFPs and/or RFIs