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Evaluating plan fees and expenses associated with your retirement plan’s investments and services are part of a plan fiduciary’s responsibility. Due to ERISA’s fiduciary requirements, plan sponsors are compelled to understand and disclose all plan-related fees. Consistently monitoring plan fees and expenses to determine whether fees and expenses are fair in light of services received is part of making informed decisions for your plan and your employees.
One of the most difficult tasks that a retirement plan sponsor faces is determining the “true” cost and value of 401(k) plan expenses. Expenses such as record keeping, investment management, participant communication and education all need to be analyzed. Being able to accurately access all costs requires an in-depth knowledge of the industry as well as experience and expertise.
PEI has been very successful in working with our client’s retirement plan providers to develop cost effective solutions to keep overall plan costs to a minimum. By engaging our Fee Analysis and Negotiation service, PEI will be able to benchmark your plan to other plans with similar characteristics to determine if there is a possibility for reduction in your plan expense structure.
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