Plan Fee Benchmarking and Service Provider Search


As a fiduciary, one of the central responsibilities under ERISA is to ensure the plan and its participants are paying only reasonable expenses. Fees should be reviewed annually with a full plan benchmarking at least every 3 years. The fee review should include investment managers, recordkeepers and/or third party administrators, and financial advisors and consultants as well as accountants and auditors. Plan sponsors also have a fiduciary responsibility to periodically conduct a service provider search to help find an optimal fit for the retirement plan. The search should identify the primary needs of the plan sponsor and its participants then determine multiple providers that meet the plan sponsor’s requirements. Bridgehaven Fiduciary Partners will help plan sponsors determine the reasonableness of their fees as well as assist and conduct service provider meetings. These services include:

  • Conduct a total plan fee review
  • Provide a comprehensive analysis from a third-party benchmarking service
  • Discuss the report findings and implement steps to negotiate with existing service providers, if necessary
  • Help create request for proposal (RFP) questions and submit to multiple recordkeepers
  • Review request for proposal responses and create comparison of service providers
  • Conduct service provider interviews with the plan sponsor and help determine the optimal candidate