The role of a fiduciary includes ensuring that the fees that a plan pays are “reasonable”. Although the DOL and IRS want to make sure that plans (and their participants) are not paying unreasonable fees, they also don’t give clear guidance as to what these standards are. You need LHD Retirement to assist you in this process.
Our access to top recordkeepers and service providers in the industry, as well as our partnership with Fiduciary Benchmarks, an independent third-party service, can help you evaluate the fees you pay for the services you receive.
We perform a ‘blind bidding’ process among service providers at regular intervals for our current clients. This means we provide a plan’s pricing attributes to providers without a name to ensure anonymity and compare what other providers would charge and the services that accompany that charge. We use Fiduciary Benchmarks reports to provide fee information from a benchmark group of other plans the same size as yours across the nation. As with other fiduciary responsibilities, LHD Retirement can come alongside to help you fulfill your benchmarking responsibilities. Contact us today for assistance in this area.