Reliant Consulting

As a participant and a Fiduciary, you are satisfied, in fact, quite pleased with the level of responsiveness and general level of service from your retirement plan service provider.

On the other hand, you know it has been roughly five years since you last reviewed the marketplace, and plan asset levels have changed and your population has expanded. 

The indications are that it is probably time to pull together the plan’s retirement committee and determine whether and how a provider review should be carried out.  There is not any absolute rule that you need to follow when considering this question, but you should bear in mind that several variables enter into the terms you are able to command for your company-sponsored plan and over a period of 5 years significant changes in these variables and the service provider landscape  make it prudent for you to perform some sort of provider search process.

Step 1 is to gather together the individuals who comprise the governance committee responsible for oversight of the plan.  The purpose of this meeting should be to review the historical record to determine when the current service provider was last reviewed and to develop a consensus as to whether a review is now warranted, and whether such a review will be carried out with the intent to make a change.

Your Committee may also be non-committal regarding whether a change in providers will be forthcomming, preferring to let the search findings be the guide as to whether change is needed.

Next time:  You are going to search, what are the next steps?

Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!