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.

EVALUATION CRITERIA 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