Plan Level Benchmarking

Every three years, we benchmark your plan, looking at changes in plan assets and participants, and recalibrating fees by comparing them to the market for similarly situated plans. Our concern is to make sure the fees are competitive, given the benefits, features and other fiduciary safe harbors provided because every vendor is different and trade offs always exist. 

When using our unbundled “Open Source 401(k) Program” however, the costs of all services provided by each party-in-interest is segregated and communicated at least annually in an executive summary form. In addition, each quarter, our plan sponsors are provided with a billing statement, reflecting the costs of the custody and settlement and passive directed trustee services, if applicable, as well as record keeping and compliance, and fiduciary services fees, offset by Revenue Sharing paid by the respective plan menu mutual funds back to the plan sponsor. In most cases, when plan assets exceed $10 million, all plan level services are paid for by revenue sharing credits. 

As a separate service, we can benchmark your plan using our own proprietary intelligence or actually go through a formal RFP process. These services are usually requested by plan sponsors using bundled providers, such as insurance company or mutual fund or bank platforms. 

For more information, please contact Greg.Rhinehardt@gamria.com.