Services
PLAN BENCHMARKING
How does your retirement plan compare with others in the same industry?
The initial action taken in our process is to thoroughly review your current plan (if established) and determine if it is suitably reflecting your company’s needs, objectives and goals. Upon verification, a performance comparison to other companies within similar industries is completed.
With extensive reports provided by neutral, third-party benchmarking services, our consultants can measure your plan’s effectiveness in areas such as:
- Overall Cost* (see below)
- Comprehensiveness of Due Diligence Support
- Plan Asset Values
- Employee Participation Rates
- Investment Offering Diversification
- Investment Monitoring Support
- Historical Average Deferral Rates
After completing the benchmarking review, each area above is impartially measured and presented to you in a comprehensive manner. This allows plan fiduciaries to make crucial decisions based on facts, rather than assumptions or guesswork.
Cost Assessment* - What are you paying for?
From our findings, plan providers are often inconsistent in assessing fees while at the same time not providing most plan sponsors with what they are paying for and need. Much to their own detriment, however, many plan sponsors have a “set it and forget it” attitude as it relates to the retirement plans they offer; plan providers and brokers alike depend upon this type of attitude to continue to get paid without doing their jobs!
This will change in early 2012 as regulatory revisions go into effect. These regulations focus mainly on fully disclosing all costs to participants of retirement plans. You will need to be able to justify these expenses. As a plan sponsor, the upcoming change will have an effect on your day to day business.
Ask yourself – Am I properly prepared to address the barrage of questions sure to come from the plan participants? Unfortunately, most plan sponsors are not!
Let us help you protect yourself, while saving you money at the same time.