Has Your 401(k) Committee Recently Compared Fees and Services of Other Providers?
FEES MATTER | FIDUCIARY RESPONSIBILITY | ONGOING MONITORING
The common providers that charge fees on retirement plans are:
The Fiduciary Advisor
The Third Party Administrator
Employers should have a understanding of their provider's fees and services, and what others are charging for similar services. We recommend that employers periodically obtain competitive quotes, and save those reports into the fiduciary file. It is also important to save your committees meeting notes in which the providers are discussed.
Being able to show why you selected your particular providers, the process used and the members involved in the decision, will demonstrate that employers are truly monitoring their providers in an effort to put the participant's interests first.
Mainstreet RIA LLC is able to run reports on your providers and provide you with competitor quotes/services.
For more information please call us at 1-888-801-0325 or by email at firstname.lastname@example.org