As a plan sponsor, one of your fiduciary duties is to obtain an independent plan review of your retirement plan by a qualified expert outside of your current providers. An independent reviewer may see something that has been overlooked by others, which could save money for you, your employees and may improve benefits. A comprehensive plan review and benchmarking is necessary as it compares the following attributes of your plan to marketplace standards: Total Fees (Management, Adviser, Administrative, RecordKeeping and Participant)
Results from Benchmarking:
Regardless of which outcome is applicable to your situation, the plan review, benchmarking report and minutes of the meeting is kept in your fiduciary file. As a part of your ongoing fiduciary responsibility, you should plan on having another review every 2 to 3 years.
Our Compliance Review Packages are designed to keep your 401(k) on track!