The Pension Protection Act of 2006 mandates that plan sponsors benchmark their plan’s fees every three to five years to ensure that the fees charged to participants are not egregious and consistent with the services provided. The benchmarking analysis is required to be in writing and readily accessible should your retirement plan be audited by the Department Of Labor.
A Fee Benchmarking Analysis and Fiduciary Review are specialized services which are not included as part of your annual Form 5500 filing. They are performed separately and are integral to maintaining ERISA compliance and avoiding Department Of Labor fines. Together they form the foundation upon which informed decisions can be made about the service provider you choose, the investment products in your plan and the fees charged to your participants.
Contact us to schedule your complimentary Fee Benchmarking Analysis and Fiduciary Review.