401(k) Benchmarking Services
Helping businesses deliver high-end employee benefits is in our DNA. Whether you are a client or not, we offer complimentary benchmarking services so you can be assured you're offering the right services for a reasonable price. Keep reading to learn why benchmarking is a critical--and simple--duty to help you fulfil some of your fiduciary responsibilities. Find the link at the bottom of the page to get your complimentary benchmark report.
1. Fiduciary Responsibility
Plan sponsors have a legal duty under ERISA to ensure all plan fees and services are “reasonable” for what’s being provided. Benchmarking demonstrates:
You’ve reviewed fees, services, and performance compared to industry norms.
You’re actively monitoring providers to fulfill your fiduciary duty.
You have documentation that supports prudent decision-making—protecting you from liability or DOL audits.
2. Cost Control and Transparency
Benchmarking reveals how your plan’s recordkeeping, investment, and advisory fees compare to similar-sized plans.
Many plans discover they’re paying 10–40% more than market averages.
It highlights hidden or bundled fees (e.g., revenue-sharing or share class issues).
Allows you to negotiate better pricing or switch vendors if needed.
3. Service and Value Evaluation
Cost is only half the story—benchmarking also evaluates service quality and deliverables:
Are participants receiving advice, education, and communication that drives engagement?
Are fiduciary services (3(38), 3(16), audits, etc.) built-in or optional add-ons?
Is technology—such as reporting dashboards or financial-wellness tools—keeping pace with modern standards?
4. Improved Participant Outcomes
Benchmarking helps ensure that employees are:
Paying low investment expenses (which directly improves returns).
Getting access to high-quality, diversified investment options.
Benefiting from strong plan design—like auto-enrollment, auto-escalation, and employer match structures—that align with best practices.
5. Documentation and Audit Readiness
Regular benchmarking provides paper-trail evidence that you’re managing the plan prudently:
Supports your Form 5500 review process.
Provides data for annual plan committee minutes.
Strengthens your defense in case of DOL inquiries or participant complaints.
6. Continuous Improvement
The 401(k) landscape changes constantly—new fee models, evolving fiduciary standards, and enhanced participant tools. Benchmarking ensures your plan stays competitive and compliant, not complacent.
Get your complimentary Benchmark Report