Benchmarking of Plan Designs, Providers, and Fees

Benchmarking plan designs, providers services, investment opportunities, and total plan fees can overwhelm even the most diligent plan sponsor. NWK Retirement Advisors shoulders the responsibility of a thorough market analysis, offering guidance and support throughout the process. Ultimately, we want to ensure your plan is competitive, through our benchmarking processes.

Plan Design 

Employees struggle to act in their own best interests even when they know it could improve their financial future. That’s why we help employers ensure that it takes less effort to succeed at saving for retirement than it does to fail. We will work with you to compare plan design elements against industry peers to see how “on trend” your plan is, as well as implement those provisions that aim to drive employee participation and engagement.  

Provider Selection

Considering a new service provider? We will conduct RFIs (Request for Information) and full RFPs (Request for Proposal) where we provide an initial screening or an in depth analysis of providers that best suit your needs. We compare investment opportunities, plan fees, and service ratings for each provider, to help you make a decision that best suits you. 

Fees

To ensure that your plan is competitive, we routinely conduct a plan fee benchmarking analysis to compare your plan’s fees against industry peers and same-sized peers. We also work to negotiate lower fees with your plan’s service provider.

We believe in fee transparency and will make sure you fully understand the fees involved with your plan. This includes understanding different fee models and trends, such as “Fee Equalization.”