Frequency of 401(k) Program Reviews

How often does everyone's companies look at 401K providers for a second look to ensure they are getting the best service for the money? 

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  • Hi  Sean Menke  - the DOL has guidelines of best practices that should be followed by all Plan Sponsors and Employers.  Benchmarking for ALL providers in a 401(k) plan should be done at least every 3 years, if the plan is under $10M in assets.  Every other year if the assets are $10M - $100M.  And year year if the assets over $100M.

    I hope this helps!  Please reach out with any other questions

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  • That's a great question and while the DOL suggestions have been stated, best practices dictates that you utilize a "live", go-to-market, evaluation process to determine fee reasonableness.  (Do not rely on your current providers to tell you your fees are reasonable.) Fees have come down a lot in the  past few years and it benefits the entire organization by going thru this process.   I'm happy to assist if anyone has additional questions.  

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