Fees impact the growth of your retirement assets no matter how small the plan. Where possible, minimizing fees without compromising the quality of or the number of services rendered is a prudent course of action. Monitoring fees annually is a Fiduciary obligation and with PLANbenchmark it's quick, it's easy, and it's effective!
Reasonableness CANNOT be determined by aggregating fees for all services. According to the courts, you MUST determine and document if each component of service is reasonable. PLANbenchmark provides you a quick, easy and effective way to benchmark each of the five primary components of service separately and in the aggregate.
ERISA imposes a fiduciary obligation on ALL size retirement plans to confirm and monitor fee reasonableness. This is an ANNUAL fiduciary obligation! Failure to conduct a fee reasonableness assessment subjects the plan sponsor to a fiduciary breach claim. Penalties for paying unreasonable fees include: reimburse the plan, lost opportunity cost and excise tax. PLANbenchmark provides ALL retirement plans a low cost easy method to evaluate fees annually to avoid costly litigation. Choose PAY NOW, it is the only prudent option!