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Benchmarking serves as a critical standard for evaluating retirement plan fees and services. It not only aids in satisfying ERISA's fiduciary requirements but also ensures that plan expenses remain reasonable. Various resources are available for benchmarking, including publications, studies, and online services, each having its unique advantages and disadvantages. However, the most accurate method of determining value is through a formal Request-for-Proposal (RFP) process, which allows for competitive bidding to secure the best services for plan participants.
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Benchmarking ResourcesBenchmark: A standard by which something can be measured or judged. Benchmarking is not just a good idea -- it helps to satisfy ERISA’s fiduciary requirement to ensure a plan’s expenses are reasonable and that the services provided meet the needs of the plan. There are several resources for benchmarking retirement plan fees and expenses that include publications, benchmarking studies, or online services. It’s important to note that every benchmarking resource has pros and cons and nothing is more accurate than putting a plan out to bid via a formal Request-For-Proposal (RFP) process. www.financialservicestandards.com
