Benchmarking Services A Potential Solution to Every 401(k) Plan Fiduciary’s Problem. Marcia S. Wagner, Esq. I. Current Outlook on 401(k) Plan Fees. Fees are being scrutinized by regulators, Congress and the plaintiffs’ bar.
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Marcia S. Wagner, Esq.
Fees are being scrutinized by regulators, Congress and the plaintiffs’ bar.
ERISA imposes 3 sets of rules regarding fees.
Assist the employer in its efforts to identify all plan fees, including “hidden” indirect compensation.
Equip the employer with tool to be used as part of a prudent review process to monitor the plan’s services and fees.
Provide the employer with competitive pricing information that a Prudent Expert might have, to help assess reasonableness.
DOL procedural guidance from Information Letters, proposed 408(b)(2) reg’s and FABs.
1) Qualifications of provider,
2) Quality of services, and
3) Reasonableness of fees in light of services.