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Did You See That? Benchmarking in 401(k) Plans Video

February 07, 2024 (3 min read)

Benchmarking your 401(k) plan is the process of evaluating if the services provided to the plan, its investment and management fees, are competitive with other plans, services, and investments of a similar size or type. It’s prudent for plan sponsors and fiduciaries to benchmark fees and services periodically, maybe annually, against industry standards, including advisory, recordkeeping, and investment fees. Compare investments to the performance of their assigned benchmarks more frequently and check those chosen benchmarks.

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  • Investment Committee Issues for Defined Contribution Plans
    Recognize that, in determining a proper benchmark, a plan’s investment committee should try to select an index with attributes similar to the asset in question. Most mutual fund materials identify the benchmarking index used by that fund as is also required for participant disclosures under 29 C.F.R. § 2550.404a-5. An investment consultant can also help the committee with this task. 
  • ERISA Retirement Plan Investment Resource Kit
    Reference this resource kit which provides guidance in the form of practice notes, checklists, templates, and clauses relating to the investment, administration, and governance of retirement plans to aid compliance with ERISA rules.

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