Why Benchmark?
Using an independent FINDER the help determine the Facts

What is Benchmarking?

  • Benchmarking your 401(k) is the process of comparing your company's plan with plans similar in size and number of participants.
  • Incumbant plan providers often only compare your current plan to the industry average, if at all, even though the Department of Labor (DOL) assumes that plan sponsors gather RFP's at least every three years.
  • Through reviewing RFP's our independent benchmarking process additionally compares your plan to industry-standard. Fiduciaries can be assured they are providing a competitive plan to participants. We prepare this information with minimal effort on the plan sponsors part. Current clients can expect a similar full service review annually.

How we determine the facts of your plan.

  • Fees - As a plan sponsor you should Benchmark your 401(k) plan so that you have a clear understanding of the fees/costs associated with your 401(k) plans. By benchmarking your plan, you have the opportunity to reduce your liability, quantify ALL the fees you are paying and determine if the fees are “reasonable” per DOL guidelines. Benchmarking typically helps lower costs, increase service, and reduces your fiduciary exposure as a plan sponsor/trustee.
  • INvestments – We will examine the quality, performance, and diversification of your investment options. Recently, the Department of Labor issued guidance regarding Target Date Funds including establishing a periodic review of the investment allocation and a review of the fees and investment expenses. Additionally, we will review your Investment Policy Statement (IPS). Where none exists, we can help create one.
  • Design – Unfortunately, many Retirement Plans are pretty generic in design. Furthermore, many providers offer plans without the guidance of a Financial Advisor. We work with you to tailor the features and benefits that make sense for your company and your valued employees.
  • ERisa – As a plan sponsor, it is important to know the myriad of responsibilities that come with being a plan fiduciary and trustee to your plan. Did you know that under DOL's Employee Retirement Income Security Act (ERISA), fiduciaries are subject to personal liability to make good any losses to the company's retirement plan resulting from a breach of their fiduciary responsibities? In short, your duties as the sponsor of a retirement plan should not be taken lightly. We will go above and beyond to help reduce your liability to a minimum.

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