The ComperioAdvantage: Recordkeeper Search
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?
Comperio Retirement Consulting’s proprietary process and analysis of the plan resulted in:
- Enhanced automation of administrative processes including enrollment, eligibility tracking, loans and distributions
- 360 payroll integration
- Upgraded participant interface with new web and mobile technology
- 30% reduction in fees versus the existing fee structure
- Fully documented process in a written report
- Technology Firm
- Retirement Plan Assets: $30 Million
- Number of Active Participants: 500+
- 7+ year relationship with current recordkeeper
- 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
- 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)