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 three 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: