• Review Plan Fees

  • Investments Review

    against peer groups
  • 3(16) Tasks

    to reduce liability
  • Personal Review

    with a fiduciary

401(k) FIDUCIARY SUMMIT® Benchmarking Process

Companies are currently placing a high priority on benchmarking their 401(k) plans. This is done to gain valuable insights into the performance of their plans and to compare them with similar offerings in the market. The aim is to ensure that both the fees and investments associated with these plans remain competitive within the current market landscape. Thorough analysis through benchmarking serves to provide documented evidence for responsible investment practices. This, in turn, empowers decision-makers to make informed choices, ultimately optimizing the 401(k) plans for the financial well-being of employees.
The practice of objective benchmarking plays a pivotal role in evaluating the reasonableness of 401(k) plan fees when juxtaposed with live market proposals. Additionally, it facilitates the assessment of the portfolio structure and aids in effectively communicating the principles of responsible investment to the workforce. Historically, acquiring accurate benchmarking data has been a challenging endeavor due to resource constraints. However, our refined benchmarking process now offers tangible real-life proposals, data, and information. These invaluable resources are designed to assist you in making well-informed decisions regarding your retirement plan. We are enthusiastic about the opportunity to support you on this fiduciary journey!

Facts About the Process

• Time commitment of under one hour start to finish

• No cost or commitment for the benchmarking results

• Benchmarking comes with a free fiduciary guide and video training series

• The process is conducted by a retirement plan fiduciary

Step 1: Gather Information

We will connect you with a retirement plan fiduciary who will conduct a brief interview to understand how the plan is operating today. They will also gather a few plan-level documents for their analysis.

Step 2: Schedule a Meeting

The fiduciary will begin reviewing your plan, a process that typically takes about a week. During the interview call, they will schedule another call 7-10 days after receiving your plan information to present their findings.

Step 3: Review Findings

We exclusively partner with fiduciary advisors dedicated to assisting plan sponsors in gaining a better understanding of their plan. The review meeting will be consultative and serve one of two purposes: either confirming that your current plan aligns with your goals or identifying areas of opportunity for plan improvement. Our aim is to ensure that your retirement plan meets your objectives and provides the best possible benefits to you and your employees.

Bonus: Administrative Audit

We provide a bonus review through an all-encompassing administrative audit. This procedure can be incorporated into the benchmarking review at your discretion. The fiduciary consultant will ask 25 questions regarding your current plan administration practices, aiming to identify the most significant liabilities within your plan operations. The resulting report will outline both the discoveries made and recommendations to mitigate your 3(16) administrative risk exposure.

Review Plan Fees

Review Investments

Review The Impact