Market Analysis
ERISA requirements hold plan fiduciaries to rigorous legal standards. Sponsors are required to document prudence, diligence, and standard of care in selecting your plan service providers and investment offerings. Your challenge includes developing a market review process to evaluate appropriate service providers and investment options for your plan participants.
You are also responsible for obtaining fee disclosures for your plan and ensuring that all fees are "reasonable" for these services. In fact, most plan sponsors don't know how much they are paying for their 401(k) program. But the impact of excess fees is expensive. Proper selection and ongoing monitoring of plan service providers and investment options is a critical aspect of your fiduciary obligations.
Fee Benchmarking
BCI Group will help you with the fee benchmarking process to make sure your plan is competitive. We will work closely with your company to tailor a systematic approach to review and monitor the ERISA provisions to ensure compliance. Our independent, objective analysis will provide you with the information you need to make informed decisions.
Fee benchmarking services will allow your company to effectively evaluate your retirement plan platform compared to other options in the market, including total plan costs, investment performances, and the services rendered. This ensures sure that your plan is competitive and that your company is performing its ongoing fiduciary duty. Fee benchmarking is recommended every 2-3 years, or when necessary.
Request for Proposals (RFP) Services
BCI Group recommends a full Request for Proposal (RFP) project every 3-5 years. Even if your company is satisfied with your existing retirement plan, an RFP process will give you current market data and confirm that your fees are reasonable and competitive. Our professionals will work with you to first define your RFP Process with an initial needs analysis and questionnaire to determine your decision-making criteria and plan goals.
Additional RFP Services include:
- Create RFP document to incorporate your company goals, as well as regulatory, participant service, administrative, and pricing objectives.
- Review and evaluate provider proposals and analyze the data to compare proposed services by each vendor.
- Prepare a comprehensive cost-to-service comparison, and provide your company with clear recommendations.
- Negotiate and finalize terms of your retirement plan program.
- Document your company's prudent process to fulfill your fiduciary duty - regardless of whether you make a plan change.
Each BCI client has different requirements, so we create customized retirement plan solutions to meet the unique needs of your company and employees. Our goal is to minimize your confusion, frustration, and time required to select the ideal 401(k) provider. BCI Group will help you make an informed decision that meets ERISA fiduciary standards.
Let us show you the value BCI Group can bring to your organization's fee benchmarking and 401(k) RFP Process. Call us at 866-609-1900.
Securities and Advisory Services offered through Financial Telesis, Inc. Member FINRA/SIPC. FTI is not affiliated with BCI Group.
