Department of Labor regulations under ERISA, and specifically section 408(b)(2), require that plan sponsors obtain fee disclosures for their plan and that all such fees be "reasonable" for the services provided.
A comprehensive request for proposal process and analysis of vendor responses designed to help plan sponsors discharge a portion of their fiduciary responsibilities under ERISA.
Creation of an Investment Policy Statement combined with a continuous, prudent process for analyzing investment options and documenting discussions and decisions in regard to said investment options.
Creation of an Education Policy Statement outlining a process addressing both administrative and investment issues for participants through new entrant orientation, group meetings and one-on-one consultations.
Plan administrators, trustees, committees and advisors are all considered fiduciaries under ERISA and must adhere to general standards of conduct related to the plan and its participants, for which they are held legally responsible.