If your plan sponsor clients are not reviewing their plan reasonableness on a regular basis, then you are missing out on major opportunity to help them mitigate fiduciary risk, improve plan results and protect your business.
According to the Center for Disease Control, 88% of Americans between the ages of 45-64 have seen a health care professional within the last 12 months. So, what does that have to do with retirement plans you ask? Well nothing, but employers often ask, “How often should we do a “check-up” on our 401(k) plan?”
The Department of Labor (DOL) recommends benchmarking about every three years. Of course, there are also best practices which indicate plans greater than $100mm should be benchmarked annually. For plans with assets between $10 – $100mm, they should benchmark every other year and plans less than $10mm every three years. However, benchmarking can also occur as often as needed to ensure … Read More
- Best Practices