A comparison of your company’s 401(k) plan is best done holistically and against a benchmark. When you engage in an objective review, the entire 401(k) plan performance, including the key areas below, can be assessed. This process gives you better insight into what’s working and maybe not working in your plan, from service providers, to funds and even fees and employee engagement. Take a look at these three areas to review your plan.
1. Investment Menu & Management Services
Closely monitoring your company’s 401(k) plan requires fiduciary diligence—and a working knowledge of what to look for. Be sure to get an analysis that considers performance, Risk, and Service.
2. Plan Cost
Over time, even a small difference in total plan costs can add up. By regularly reviewing the total cost of your 401(k) plan, you can better determine its overall value. Key components of Total Plan Costs include:
- Record keeping and administrative fees
- Fiduciary and consulting fees
- Investment fund fees
3. Employee Engagement
Given that one in three Americans have no retirement savings, it’s clear how vital your 401(k) plan is to your employees’ future. To properly analyze your employee engagement, take a closer look at these three areas:
- How well your employees are tracking to their retirement goals.
- Your employee 401(k) plan participation rate.
- How much of their salary your employees are saving.
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