ProviderBenchmarking

Balancing Plan Fee and Services

Do you know how much your retirement plan costs? ERISA requires that retirement plans must have reasonable plan expenses, however what does “reasonable” mean? The DOL recommends plan fiduciaries evaluate live bids from service providers every three to five years. Through our exclusive tools and services, we can create a thorough market analysis so that our clients have a solid read on the current market.

B3 Provider Analysis™: Live Bid Benchmarking

B3 Provider Analysis™ is a leading live-bid benchmarking system. Clients are able to compare the cost and quality of current providers against the capabilities of other bidders.

The comparisons are based on live provider retirement fee proposal (“RFP”) responses and take into account the plan’s complexity, parameters, investment lineup considerations and service requirements. The analysis compares 400+ data points in key areas, including record keeping, investment management, compliance services, employee education, and technology.

Prism™ Fee Benchmarking Report: Periodic Fee Benchmarking Against National Average

The DOL recommends taking retirement plans out to market every three to five years. Our B3 Provider Analysis™ system has that covered. Our Prism™ Fee Benchmarking Report is a quick and simple, fee-only benchmarking report compares your plan’s fees against 105,000 other plans.

By using a combination of B3 Provider Analysis™ and Prism™ reports over multiple years, you’re following a best practice in meeting fiduciary responsibilities under ERISA — which means your company and your employees will be positioned for success.

B3 Provider Analysis™ and Prism™ technology is not proprietary to IMA Wealth, Inc. This technology is offered through the RPAG platform. RPAG and IMA Wealth, Inc. are separate, non-affiliated companies. IMA Wealth, Inc. pays RPAG for use of their platform and resources.

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