Summary
This document is a guide that outlines the retirement plan fee benchmarking process recommended by the Department of Labor and best practices in the industry. It emphasizes the importance of conducting benchmarking every three years, with a recommendation for annual reviews. Sikich offers resources for plan sponsors to meet fiduciary duties through dedicated provider search and fee benchmarking services. The guide details the proprietary data sources used for benchmarking, which include over 9,000 live pricing quotes and 600+ data points in key areas such as recordkeeping and compliance services. The RPAG Provider Analysis system is highlighted as a tool that produces comprehensive reports to help fiduciaries assess whether their fees and services are competitive. Additionally, the document explains the steps involved in the benchmarking process, including needs analysis, RFP compilation, total cost analysis, and conversion assistance, ensuring that plan sponsors can effectively manage their retirement plans.
