BENCHMARKING YOUR 401(K) PLAN

OUR PROCESS

Selecting and monitoring a recordkeeper is one of the most important duties that retirement plan sponsors and fiduciaries must make.

Our benchmarking process incorporates a plan’s parameters, complexity, investment lineup, service requirements and other unique considerations in order to determine a reasonable fee for a plan’s recordkeeping and administrative services.

1

Identify

  • Plan parameters
  • Plan needs
  • Service providers
    • 2

    Inquire

  • Create custom RFP
  • Send custom RFP
    • 3

    Analyze

  • Reconcile RFP responses
  • Compile RFP comparisons
    • 4

    Negotiate

  • Fee concessions
  • Service concessions
  • Investment changes
    • 5

    Implement

  • Service agreement changes
  • Needs
  • Providers

    • EVALUATION CIRTERIA BY CATEGORY

    • • Account representative location
      • Account representative to client ratio
      • Background
      • Conversion management team
      • Conversion process
      • Investment transfers
      • Other benefit processing
      • Participant address changes
      • Payroll and census transmittal
      • Plan deposit submissions
      • Processing loans, distributions
      • Quality assurance standards
      • Recordkeeping system
      • Reporting timeliness and accuracy
      • System enhancements
      • Terminations and distributions
      • Tracking beneficiary designations
      • Type of investment accounting

    • • Asset charges
      • Base administration fees
      • Contract termination fees
      • Conversion fees
      • Education/Enrollment materials
      • Education/Enrollment meetings
      • Employer Stock
      • Fund change (addition/deletion)
      • Investment management fees
      • Market Value Adjustment
      • Miscellaneous fees (loans, hardships)
      • Per participant fees
      • Plan amendment fees
      • Plan document fees
      • Pricing guarantees
      • Self Directed Brokerage
      • Testing (compliance) fees
      • Transaction fees
      • Trustee fees

    • • Annual investment in technology
      • Automated Voice Response System
      • Individual investment advice
      • Internet-based tools and materials
      • Online plan management reports
      • Opt out of Voice Response System
      • Plan participant website
      • Plan sponsor website
      • Toll-free customer service assistance
      • Fee leveling capabilities
      • Account aggregation tools
      • Retirement income projections
      • Financial wellness reporting
      • Mobile app functionality

    • • 5500 completion
      • Coverage testing
      • Form 5500
      • Late deposit monitoring
      • Minimum distributions
      • Number of compliance specialists
      • Number of ERISA attorneys on staff
      • Plan amendments
      • Plan document capabilities
      • SAS 70 package
      • SPD drafting and distribution
      • Special discrimination testing
      • Standard discrimination testing
      • Summary Annual Report

    • • Investment selection flexibility
      • Access to open architecture
      • Add, delete and freeze funds
      • Asset allocation funds
      • Asset class and investment style
      • Automatic rebalance
      • Custom asset allocation accounts
      • Fund expenses
      • Fund requirements/limitations
      • Index funds
      • Guaranteed and stable value styles
      • Retirement income options process
      • Decumulation tools
      • Money Manager flexibility
      • Number of funds offered
      • Portfolio adjustment accounts
      • Scorecard℠ rankings
      • Type of contract

    • • Communication materials
      • Customized materials
      • Employee statements
      • Enrollment kits style/delivery
      • Enrollment process
      • Enrollment meetings
      • Fund changes
      • Investment transfers
      • Local enrollers
      • National enrollers
      • Ongoing assistance
      • Online investment advice tools
      • Onsite meetings
      • Plan participant website
      • Print campaigns/materials
      • Prospectus delivery
      • Self Directed Brokerage option
      • Spanish services/materials