Retirement plans should be monitored periodically to assure that the plan is up-to-date. Plan fiduciaries are responsible for assessing service provider fees, services, and the investment lineup. Small plans should benchmark every three to five years, while large plans will want to benchmark every two to three years.
Larmann Financial utilizes a proprietary database that tracks over 400 data point covering recordkeeping, compliance, technology, communication, and investment services.
Comparisons are derived from competitive, live- bid RFP responses that are based upon a plan’s parameters, complexity, service requirements and unique needs.
The B3 Benchmarking database produces over 3,000 RFPs per year, with plan sizes ranging from $1 million to over $10 billion.
All fee comparisons are based on current market prices.
Competitive bidding maximizes a plan’s negotiating leverage.
The B3 Provider Analysis covers in complete detail total plan costs, target recordkeeping revenue, investment management fees, investment quality rankings and service differentiators.
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