Frequently Asked Questions
What is the Value and Fee Benchmark with FEEPOINT® calculation Report?
The Value and Fee Benchmark with FEEPOINT® calculation Report is FBi’s most granular benchmarking solution and the one that truly answers the questions “Are my fees reasonable?”. A report can be ordered for the entire plan or as individual Service Provider Chapters (i.e. Investment Manager, Recordkeeper, Third Party Administrator and Advisor/Consultant). Each chapter consists of the same 5 step process for determining fee reasonableness – Customize Benchmark Group, Review Provider Quality, Assess Scope of Services, Examine Value Delivered and Evaluate Fees.
What type of data does Fiduciary Benchmarks use?
FBi does not use Form 5500 or survey data. All data is obtained directly from the Recordkeepers, TPAs and Advisor/Consultants who are engaged with the plan and can provide their fees and services with complete accuracy.
Why does Fiduciary Benchmarks NOT use Form 5500 data?
Form 5500 data does not always accurately account for items such as Insurance Company General Accounts, Schedule C Administrative Fees and ERISA Spending Accounts. In addition, the 5500 does not recognize items that may drive costs for service providers. The most important reason though is that the 5500 contains no service, support or participant success measure information which FBi believes is required to determine fee reasonableness.
What are the important points to cover on each page?
FBi makes a variety of training resources available to our clients. The types of media in our Resource Center include: PDF’s, videos, interactive report walkthroughs and FAQ’s. In addition, members of our Service Team are always more than happy to answer your questions via email, chat or phone.
Will the FBi reports be in conflict with our 408(b)(2) disclosures?
Because Fiduciary Benchmarks obtains all of its data directly from Service Providers, FBi reports should never conflict with the relevant 408(b)(2) disclosures.