Happy New Year! There is no better time than right now to do a thorough review of your company’s 401(k) plan.
Benchmarking your plan on a regular basis and (comparing your retirement plan with others) can:
Verify that your plan’s service providers are still providing value. Sometimes plans outgrow their service providers so
benchmarking is a good way to look closely at your current service providers and determine if you need to shop around for new ones.
Save your plan and plan participants money. Submitting requests for proposal (RFPs) could provide you with leverage to renegotiate fees with existing providers if the current provider is charging more than the industry average. It might also reduce fees, which could benefit participants and equate to larger gains in their account balances at retirement.
To read our full article “4 Reasons Why Plan Fiduciaries Should Benchmark Their Company’s Retirement Plan This Year” click here.
Contact us today to strategize ways to measure your 401(k) plan and help to enhance your valuable employee benefit.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.