Posts Tagged ‘ERISA’

RPM Q1 2018_Pulse Image_Blog Article 1_What is Benchmarking and Why Should You Do It

WHAT IS 401(K) BENCHMARKING AND WHY SHOULD YOU DO IT?

Simply stated, benchmarking is the process of reviewing and evaluating your company retirement plan. It involves taking a look at what you are offering your employees today and deciding if it’s appropriate or needs some updating.

There are four main areas to focus on when assessing your retirement plan:

  1. Plan Design
  2. Service Providers
  3. Funds
  4. Fees

Each aspect of your plan requires a slightly different set of questions. In order to be able to go into the appropriate level of detail about each section, we will break this into a two-part series, beginning with Plan Design and Service Providers; but don’t worry, we will discuss Funds and Fees in a separate article. Below we are going to share some best practice questions to help you get started on your benchmarking analysis. Read the rest of this entry »