Score each question based upon the following scale: 1-Needs Improvement, 2-Poor, 3-Good, 4-Very Good, 5-Excellent Fees | 1. As the plan sponsor how would you rate your understanding of the fees charged to your plan, and understanding if these fees are reasonable for the services provided? | _______ | | 2. How would you rate your knowledge of the fees paid by the employer verses those paid by the plan participants? | _______ | | 3. How would you rate your participant’s knowledge of fees paid, including providing participants with a Fee Disclosure statement? | _______ | | 4. As the plan sponsor how would you rate your ability to consistently monitor fees and expenses and to document your review on a regular basis? | |
Investments | 5. How would you rate the flexibility in the investment options available to plan participants? | _______ | | 6. How would you rate your plan in the offering of both actively managed (generally higher management fees) and passively managed (generally lower management fees) options for the participants to choose from? | _______ | | 7. How would you rate the investment options in the plan in terms of meeting the performance and fee requirements you have put in place for your plan, as well as your ability to document those parameters in your Investment Policy Statement? | _______ | | 8. As the plan sponsor how would you rate your ability to monitor investment performance and document the investment review on a regular basis? | |
Service | 9. How would you rate your plan representative’s practice to meet with employees as they become eligible to participate in the retirement plan; and provide the participant with an overview of the plan features and investments available to the employee? | _______ | | 10. How would you rate your plan representative’s practice to meet with participants in the plan at least once a year to provide an update on the plan and the overall markets? | _______ | | 11. How would you rate your plan representative’s practice to meet with the plan sponsor to review the plan document, the investment options and the fees at least annually? | _______ | | 12. How well has your plan representative discussed some of the new options that have recently become available to 401(k) plans such as: Roth deferrals, Auto enrollment, Qualified Default Investment Alternative (QDIA), to see if these features make sense for your plan? | | | 13. With regard to the new 5500 filing requirements, how well did your plan representative walk you through the process and make this change easy on you? | |
Participant Access | 14. How would you rate your retirement plan provider’s ability to provide online access for participants to view their account balances, transaction history, and to change their investment allocation? | _______ | | 15. How would you rate your retirement planning company’s ability to provide online access to plan documents and forms? (i.e.: Summary Plan Description (SPD), Distribution forms, Loan application). | _______ | | 16. How would you rate your plan representative’s practice to meet with the plan sponsor to review the plan document, the investment options and the fees at least annually? | _______ |
Total Score _______ Scoring Grade If your combined score is 65 or higher, we recommend you brush up on the areas where you scored low. If your combined score was less than 65 we encourage you to have your plan reviewed so you can either become more familiar with you plan and know that your current provider is providing you a great plan but you just did not know it, or consider a alternative options for your plan. If your combined score is less than 50, you NEED to have your plan reviewed and probably should also consider alternative options for your plan.
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