Since the Department of Labor’s put the Conflict of Interest Rule in place, plan benchmarking has never been more important for plan sponsors. Anyone involved with their company’s retirement plan is considered a fiduciary and the spotlight on fees has increased even for small- and mid-sized business. A retirement plan that is properly benchmarked can lessen the chance of a lawsuit.
Benchmarking has other purposes too.
Plan benchmarking allows plan sponsors to be aware of how their plan stacks up with peer plans in terms of employee participation rate, contribution levels, investment diversification levels, etc. Aegis Wealth Partners, LLC offers our clients periodic benchmarking services to our clients as part of our normal services.
We recommend any sponsor that hasn’t benchmarked their plan recently or would like another opinion to contact us. We offer a no-obligation consultation that includes a benchmark report.