Getting the Most Out of Your Employee Retirement Plan Through Plan Benchmarking
To get the most out of your company employee retirement plan as a fiduciary for your participants, you need to benchmark your plan against others offered by other companies.
When you benchmark your employee retirement plan against plans from other companies, you ensure your employee retirement plan ranks competitively and performs sufficiently compared to those held by your peers across the nation.
When you benchmark your company’s employee retirement plan versus the competition, there are a variety of metrics that you’ll want to keep in mind. These metrics include annual plan returns, participation rate, average contribution, and more. That will ensure that the underlying funds in your employee retirement plan are properly performing and maximizing the return on the investment of your participants.
Aside from benchmarking your plan performance, you'll want to benchmark your plan service provider. Many plan service providers will provide different products and services and assess varying administrative costs for hosting your company plan.
Administrative costs and plan platforms vary widely depending on your service provider, so you must ensure that your service provider can meet your needs at scale and at an expense that is only necessary for your plan needs.
If you are a fiduciary for your company’s retirement plan and you are unsure how to best evaluate your company retirement plan versus your competitors, I can help. My specialty is reviewing employee retirement plans and ensuring they stand up to the competition. I also specialize in adding 99% value to these retirement plans. Contact me today if you’re ready to get the most value from your company’s retirement plan and ensure it’s competitive in today’s market.
If you are a fiduciary for your company’s employee retirement plan and are concerned about your current investment options, I can help. My specialty is reviewing and adding 99% value to employee retirement plans. Contact me today if you’re ready to get the most value from your company’s retirement plan and protect yourself from personal liability as a fiduciary.