As a fiduciary, you have a duty to know what your fees are and an obligation to ensure they are reasonable & necessary for the value of services provided. Curious if you are paying too much for your 401(k) plan? We can help by benchmarking your plan fees and/or assisting with a full Request for Proposal (RFP).
Fee benchmarking is a process whereby all plan fees are accounted for and compared to other plans of similar size and makeup. Benchmarking is a relatively simple process that will help to identify opportunities for improvement and requires little input from the plan sponsor. We view benchmarking as a key component to your plan's fiduciary file as it not only demonstrates prudence on your part, but it also serves as your first line of defense to fend off potential litigators. To get started, we just need copies of your current fee disclosure documents.
A Request For Proposal ("RFP") is a detailed process that includes bidding out services to new vendors. RFPs tend to be more involved than fee benchmarking as the process goes beyond just comparing fees to include qualitative considerations like cyber security procedures, service responsiveness, payroll integration, and other factors. An occasional full RFP will best position you to feel confident that you are receiving the best service at an appropriate fee. RFP's start with a discussion about your needs and are custom-crafted to suit your goals.