Every three to five years the Department of Labor would like you, as a plan sponsor, to review the providers that work with your retirement plan. As a fiduciary to your plan, you have an obligation to ensure that the providers you’re working with are appropriate and that the fees that are paid for their services are reasonable. It’s not required that you make any provider changes, but the retirement plan marketplace is very dynamic, and it’s likely that when you conduct a provider review you’ll discover some surprises. Here are some suggestions for managing a provider review process.
1. The investment adviser. A good investment adviser can add genuine value to the operation of your plan. What you are looking for is an investment adviser who:
