How competitive is your company’s current retirement plan? ERISA requires that retirement plans must have reasonable expenses, but what does “reasonable” mean and how do you know if your plan is reasonable or not? Although the Department of Labor (DOL) doesn’t provide specific benchmarks for sponsors to prove reasonableness, the courts have deemed it prudent for sponsors to prove reasonableness every two to five years depending on plan specifics.
The most accurate assessment of plan fees and services are obtained through “Live Bid Benchmarking.” Through our exclusive benchmarking solutions, we are able to create a thorough market analysis for you. Our review provides you a comprehensive understanding of how competitive your current plan is relative to alternative vendors and clearly reveals your opportunities for improvements (OFI’s).
Our live bid benchmark solutions evaluate over 400+ data points in key areas including record keeping, investment management, employee education, compliance, technology, plan design, administration, payroll efficiencies, participant success, fees and more.