EXPENSE ANALYSIS & BENCHMARKING – WE CAN HELP
Costs Must Be Reasonable – All service providers are prohibited from receiving compensation from plan assets when rendering services to a retirement plan unless the service arrangement is subject to a statutory or administrative exception. That exception is found under ERISA Section 408(b)(2) which dictates that fees must be reasonable.
Determining Reasonableness – To determine if fees are reasonable requires an assessment of fees charged for services rendered. This is most effectively done by benchmarking fees for the services rendered against other plans of similar size by plan assets or participant count.
Benchmarking Services – InWest can assist plan sponsors and advisors with benchmarking plan expenses. Please contact us for more information.
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