401(k) Plan Review Tool
Reviewing your company retirement plan every 1-2 years is an important part of making sure it’s working for your employees and your business. If it’s been a while since you have taken a close look at your retirement plan, now might be the time.
Reviewing your plan and providers can highlight if you’re paying higher costs than you need to, or if there are any gaps in the service you receive or in your employees’ retirement readiness.
This 9-question interactive quiz is an easy first step towards understanding if your current plan and providers are the best fit for your evolving business needs.
#1: How confident are you that you know all your 401(k) plan fees and fee categories?
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#2: How do your employees choose their investment options?
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#3: What are the average investment fund fees of the funds in your company's 401(k) plan? (also known as the expense ratio)
Tip: An expense ratio is the annual fee stated as a % of assets that you pay per investment.
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#4: Have you compared your 401(k) plan to similar plans in the last three years?
Please select the areas of your 401(k) that were benchmarked:
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#5: How are the funds selected, reviewed and updated for your 401(k) plan?
Tip: As your 401(k) plan assets grow, you can qualify for better-priced investments
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5 of 9 questions complete, finish this page to get your 401(k) plan's score.
#6: What is the extent of your personal fiduciary responsibility and liability to the plan?
Tip: You are a fiduciary if you make decisions about how your 401(k) plan works. As a fiduciary, you are responsible for putting the best interests of your employees first, and you may be personally liable if the decisions made are not clearly in their best interests
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#7: Which of the following types of fees are you paying?
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#8: Do you get administrative help with your 401(k) plan?
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#9: How available is the 401(k) plan adviser to your employees for 401(k)-related questions?
Tip: Customized employee education can improve plan engagement, helping your 401(k) plan pass compliance testing and making it more effective in helping employee retention
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