By Ms. Michele Benjamin, Microcide Pharmaceuticals, Inc. and Ms. Linda Ruiz-Zaiko, Bridgebay Financial, Inc. The general descriptions of services may sound identical yet the subtle differences can translate into significant differences in service levels, timeliness, accuracy, and compliance. Many plan expenses are netted against participant accounts which make comparisons among providers difficult. A cost analysis of your plan should be complemented with peer group comparisons of competing providers and services to benchmark your plan's relative costs. Click here to request reprint of article.
Services are available as separate or unbundled, bundled, or strategic alliances.
Investment performance should be measured net of all fees and compared to relevant benchmarks, peers, and provide long term top quartile performance. Technology uses of the Internet, corporate intranets, financial planning and asset allocation software, and toll free automated voice response with multi-language capabilities have improved communications. Timeliness and accuracy of plan administration and recordkeeping varies by plan provider and the organization s workflow and cost structure. Click here to request full handout. A policy statement can help reduce the fiduciary liability of those having influence on the plan, including accountants, attorneys, benefits managers, board members, and salespersons.