Are you benchmarking your recordkeeping fees?

If not, you could be missing out on an important opportunity to improve your plan and better serve your participants.

Benchmarking your recordkeeping fees involves comparing your plan’s fees to those of similar plans in your industry, with similar plan sizes and features.

This allows you to determine whether your fees are reasonable and competitive, and identify potential areas for improvement.

By benchmarking your recordkeeping fees, you can:

– Ensure that you are paying reasonable fees for the services provided to your plan participants.

– Identify potential cost savings that could be passed on to participants, improving their retirement outcomes.

– Better understand the value that your service providers are delivering and ensure that you are getting the best service for the fees paid.

– Stay competitive with other plans in your industry and attract and retain top talent with a high-quality retirement plan.

Remember, as a plan sponsor, you have a fiduciary responsibility to act in the best interest of your plan participants. By regularly benchmarking your recordkeeping fees, you can fulfill this responsibility and ensure that your plan is serving your participants’ best interests.

Click HERE if you would like to start the process of Benchmarking your 401(k) plan.