Comprehensive Fee Review
We cover all the bases
Assessing fees and ensuring transparency has become a major focus for both the Department of Labor (DOL) and plan sponsors in recent years. It's been widely discussed that 401(k) and other retirement plan participants often face suboptimal choices, with high-cost mutual funds and advisor and recordkeeping fees that haven’t been benchmarked or reviewed in years.
Retirement plan fees can be complex. Often, neither plan participants nor sponsors fully understand what they're paying, how much they're paying, or who is responsible for the fees.
At Empire Retirement Plans, we have a thorough fee review process for our clients, ensuring that no detail is overlooked. We review the following fees on an annual basis:
Recordkeeping fees
Investment advisor fees
Investment expenses
Third-party administrator fees (if applicable)
Trustee fees
Other consulting fees (e.g., audit)
Our fee review process is conducted in two parts: First, we assess the total cost to operate the plan, and second, we evaluate whether those costs are appropriate. We consider the plan’s specific needs and compare costs to those in the broader market to ensure a competitive and effective strategy.
Comprehensive Fee Review Highlights
Assess provider fees and services
Plan benchmarking and Request for Proposal (RFP) services
Ensure fee transparency and equalization
Review revenue-sharing arrangements
Clarify how fees are paid
Identify key factors influencing costs
