Retirement Plan Sponsors have many fiduciary responsibilities.
Marshal the horses to pull in the same direction (investment, TPA, recordkeeper, custodian). The retirement plan is only one of your many responsibilities. Get expert help with this part.
Are you sure all fees are being disclosed to you?
Since the fee disclosure changes in 2012, providers are legally required to disclose “Direct compensation” fees to you. But, they are not required to disclose revenue sharing or “Indirect compensation” arrangements. Have you double-checked the math from the fund prospectuses? Why would you even think to do that? Want to know what’s hiding?
Local, regional, or national. Hire the best.
I understand the term ‘fiduciary duty’. It means you’re spending your Participants’ money and you have to account for it. RFP, low bid wins. That simple. And, when you cut out broker fees, you’ll be surprised at how fast Participants’ account balances will grow!