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PLAN ADVISOR TOOLS Benchmarking Your Retirement Plan A growing number of retirement plan sponsors are finding that their retirement plan has changed significantly over the past several years. This

How to fill out benchmarking your retirement plan

How to fill out benchmarking your retirement plan:

1. Start by gathering all the necessary information about your retirement plan. This includes details about your current investments, contributions, fees, and any additional benefits or services associated with your plan.
2. Review your plan's investment performance. Evaluate how well your investments have performed compared to relevant benchmarks such as stock indexes or similar retirement plans. This will help you understand if your investments are meeting your financial goals.
3. Assess the fees associated with your retirement plan. Determine if the fees you are paying for investment management, administrative services, or other expenses are reasonable compared to industry standards. Excessive fees can erode your retirement savings over time.
4. Evaluate the level of participation in your retirement plan. Look at the number of employees participating in the plan and their contribution rates. Determine if these numbers are in line with industry averages or if there is room for improvement. Increasing participation can help spread plan costs and potentially improve investment options.
5. Consider the available investment options within your retirement plan. Assess whether the investment options are diversified and suitable for your long-term financial goals. Look for a mix of asset classes and risk levels that align with your investment strategy.
6. Analyze the quality of the retirement plan provider(s). Research the reputation, experience, and financial stability of the entities involved in managing your retirement plan. Consider factors like customer service, technology, and resources available to plan participants.

Who needs benchmarking your retirement plan?

1. Employers offering retirement plans: Benchmarking the retirement plan helps employers ensure they are providing competitive and cost-effective retirement benefits to their employees. It allows them to evaluate the plan's performance, assess if the fees are reasonable, and make necessary improvements.
2. Employees participating in retirement plans: Benchmarking the retirement plan benefits employees by providing transparency and accountability. It helps them understand how their investments are performing, whether they are paying reasonable fees, and if there are better options available. Benchmarking can guide employees in making informed decisions about their retirement savings.
3. Financial advisors or consultants: Benchmarking retirement plans is essential for financial advisors or consultants working with employers or individuals. It allows them to provide valuable insights, recommendations, and guidance based on industry best practices and helps them identify opportunities for plan improvements.
4. Plan sponsors or administrators: Benchmarking retirement plans is crucial for plan sponsors or administrators responsible for overseeing the plan's operations. It helps them fulfill their fiduciary duties by ensuring the plan is competitive, cost-efficient, and provides valuable retirement benefits to plan participants.
5. Industry regulators and organizations: Benchmarking retirement plans can also be important for industry regulators and organizations responsible for monitoring and ensuring the overall health and fairness of retirement plans. By comparing different plans, they can identify potential issues, trends, or areas for improvement in retirement plan design and administration.

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What is benchmarking your retirement plan?

Benchmarking your retirement plan involves comparing the performance, fees, and services of your plan against other similar retirement plans to ensure that it is competitive and meeting the needs of your employees.

Who is required to file benchmarking your retirement plan?

Employers who sponsor retirement plans, such as 401(k) plans, are required to conduct benchmarking to assess the plan's performance and fees.

How to fill out benchmarking your retirement plan?

To fill out benchmarking your retirement plan, employers should gather information about the plan's fees, performance, and services, and compare it to similar plans in the market.

What is the purpose of benchmarking your retirement plan?

The purpose of benchmarking your retirement plan is to ensure that the plan is providing value to employees, is competitive in terms of fees and services, and is meeting fiduciary responsibilities.

What information must be reported on benchmarking your retirement plan?

Information that must be reported on benchmarking your retirement plan includes plan fees, investment performance, administrative services, and any changes or updates made to the plan.