Recordkeeper Search Case Study


The ComperioAdvantage: Recordkeeper Search

The Environment

The Current environment of continued recordkeeper consolidating along with increased 401(k) litigation has created a challenge for Plan Sponsors in understanding the marketplace and ensuring they are protecting themselves from a fiduciary perspective.

Having an independent advisor/consultant with significant experience in analyzing recordkeeper(s) is vital for Plan Sponsors. Here is a sample of questions that need to be asked and documented:

  • What documentation do we have for why we selected our current recordkeeper?
  • When was the last time we did a due diligence review of our recordkeeper?
  • If my recordkeeper was acquired, what does the new recordkeeping consolidation look like for my plan?
  • What are the latest technologies available to Plan Sponsors? Are we leveraging these services for our Plan?
  • What tools and resources are available for our plan participants? How does our current plan measure up?
  • What type of cyber security protections are in place?
  • How do our fees compare to the marketplace?

The Results

Comperio Retirement Consulting’s proprietary process and analysis of the plan resulted in:

  1. Enhanced automation of administrative processes including enrollment, eligibility tracking, loans and distributions
  2. 360 payroll integration
  3. Upgraded participant interface with new web and mobile technology
  4. 30% reduction in fees versus the existing fee structure
  5. Fully documented process in a written report

The Client

  • Technology Firm
  • Retirement Plan Assets: $30 Million
  • Number of Active Participants: 500+
  • 7+ year relationship with current recordkeeper

Goals

  • Improve administrative efficiency and accuracy by automating processes (enrollment, distributions)
  • Implement a 360 communication between payroll and recordkeeper
  • Obtain more robust technology interface for their employees

Approach

  • Create a hierarchy of key goals for Plan Sponsor and Participants
  • Identify alternative recordkeepers’ capabilities to determine which can fulfill the needs of the Plan
  • Create a Custom RFP with needs-based questions to identify the best fit provider(s)

Locations

North Carolina:
Cary, North Carolina
Phone: 919-401-3500

Pennsylvania:
McMurray, Pennsylvania
Phone: 412-417-6645

In the News

National Association of Plan Advisors (NAPA) has named Comperio Retirement Consulting one of the Top DC Advisor Teams for seven consecutive years: 2019, 2020, 2021, 2022, 2023, 2024 and 2025

 

Comperio Retirement Consulting has been named one of the largest 100 Investment Consultants in the United States according to Pension & Investments (P&I) for the past 7 years