Free Retirement Plan Benchmark

Retirement Plan Benchmark

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Pa Business Retirement Plan evaluation

What is a Business Retirement Plan Benchmark?

A business retirement plan benchmark evaluates an employer-sponsored plan against other similar plan sponsors on the market to determine:

How is a Plan Benchmarked?

A group retirement plan review will benchmark four main components:

1. Plan Design

The plan design determines how the plan will operate. It identifies:

  • Vesting period
  • Company contribution
  • Who and when people participate
  • What types of accounts can be used
  • Administration requirements such as Form 5500 tests and plan audits

2. Service Providers

Service providers offer a range of:

  • Fees
  • Services
  • Products
  • Technology platforms

Depending on which service provider your plan is with, will directly impact the plan's features.

In addition, some providers are better known for their customer service and support than others.

3. Funds

The funds available to a plan will be dependent on the recordkeeper.

If a financial advisor is with an open architecture firm, this means they can offer a wide range of fund lineups.

Whereas some broker-dealers are more restrictive on the funds they allow the investors to use.

When assessing the funds, a benchmark review will analyze the risk/return factors that are appropriate for the plan's overall goals and the current market conditions.

If a fund's quality starts to diminish, it will be put on the "watch list" to alert the financial advisor a potential issue within the lineup.

If funds are rated poorly, due to poor performance, too much risk, too high fees, or other qualities, it will alert the advisor a change is needed.

4. Fees

Depending on your type of plan, plan fees can be categorized into:

  • Transaction fees
  • Recordkeeping fee
  • Investment expense fees
  • Third party Administrator Fee
Pa Business Retirement Plan Experts

What Does the Benchmark Assess?

When you benchmark a business retirement plan, it will evaluate the plan's major components to other plans of similar size:

  • Fees
  • Health
  • Features
  • Fiduciary coverage
  • Investment performance
  • ERISA compliance (if applicable)

As the plan's assets grow, the biggest aspect that typically gets overlooked is the plan's fiduciary coverage needs as well as the costs. As the plan grows, the plan fees should be decreasing, but the fiduciary coverage may need to adjust.

When you evaluate a group retirement plan, it will alert you to these needs and help alert you to potential issues ahead of time.

What Types of Retirement Plans can be Benchmarked?

Every type of employer-sponsored plan can be reviewed and benchmarked. For small businesses, these plans are typically:

In addition, these 401(K) plans can include:

Why is Reviewing an Employer-Sponsored Retirement Plan Important?

A benchmark will compare these features to other available plans on the market and determines how well your plan ranks comparatively.

If your plan has not been reviewed since it was started, there may be considerable room for improvement, including a sizeable fee reduction.

Your advisor should be doing these approximately every three to five years. If they have not you may want to reach out to an advisor who does benchmarking to see how your plan truly is doing.

Setting up a free Retirement Plan Benchmark

If you are interested in having your retirement plan benchmarked or talking with a retirement plan advisor about your plan's structure, We are here to listen!

Langan Financial Group uses a customized time-tested system to evaluate employer retirement plans. We will collaborate with you to help determine:

  • Is your plan properly designed?
  • Is your plan meeting your goals?
  • Do you have proper fiduciary coverage?
  • Is your plan performing to the best of its ability?

Secure Your Spot for a No-Cost Analysis of Your Group Retirement Plan

With over 75 - 5 star reviews, we strive to be the best group retirement advisors possible.  Give us a call at 717-288-1880 to see how our local advisors can support your group retirement needs.

Or visit our retirement plan advisors contact page to fill out an inquiry and we will have one of our team members reach out to you!

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Disclosure: Check the background of your financial professional on FINRA's BrokerCheck. The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.  The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.  Cambridge and Langan Financial Group, LLC. are not affiliated. Cambridge Investment Research Advisors, Inc. a Registered Investment Advisor.  Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, to residents of: AL, AZ, CO, DE, FL, GA, IA, KY, MD, NJ, NM, NY, NC, OH, PA, TX, VA, WI   Cambridge and Langan Financial Group does not offer legal advice. Estate planning services are in regards to your overall financial plan. Always be sure to speak to a legal professional in regards to specific legal matters. Fixed insurance services offered through Langan Financial Group.

 

Testimonial/Endorsement Disclosure: The testimonials may not be representative of the experience of other customers.  The testimonials are no guarantee of future performance or success.  All of the testimonials/endorsements are clients with the exception of Steven Martinez of York SPCA.  There was no cash nor non-cash compensation for any of the testimonials provided.

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Harrisburg, PA Office

Address: 1863 Center St, Camp Hill, Pa 17011
Phone: 717-288-1880

York, PA Office

Address: 3405 Board Rd, Suite 200, York, Pa 17406
Phone: 717-773-4085