Recordkeeper Search Case Study

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