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A Free Retirement Plan Benchmarking Tool


PLANScores brings together the leading retirement plan benchmarking and rating resources to evaluate your organization’s 401(k), 403(b), pension or other retirement plan.
This benchmarking tool is powered by Meridien Benefits, Inc. and is now available exclusively for RSM clients and select Meridien clients.
The PLANScores Evaluation

Evaluates five important plan components:

  1. Investment Performance
  2. Plan Expenses
  3. Advisor Fees
  4. Target Date Fund Analysis/Monitoring
  5. Fiduciary Fitness
Retirement Plan Requirements

Vital plan components include:

  • Reasonable Plan Expenses
  • Solid Fund Performance
  • Appropriate Target Date Funds
  • Competitive Advisor Fees for Services Performed

As an employer, you want your retirement plan to be successful and provide the necessary components to help your participants retire securely, while also meeting your fiduciary obligations.

 

“A successful, healthy plan is one that meets its fiduciary, legal, and regulatory requirements and is financially sustainable.”

PLANScores is a retirement plan benchmarking tool that will help evaluate your plan to determine if there are components that should be enhanced or further reviewed.

The federal law governing private-sector retirement plans, known as the Employee Retirement Income Security Act (ERISA) requires that those responsible for managing retirement plans — referred to as fiduciaries — carry out their responsibilities prudently and solely in the interest of the plan’s participants and beneficiaries.

A retirement plan is one of the most valuable benefits you will provide to your employees. As a plan sponsor and fiduciary, you have legal responsibilities for overseeing and managing these key areas:


Investment Performance

It’s important to select a range of diversified investment options suitable for, not only the type of plan being offered, but also for those who will participate in the plan. This requires regular monitoring and benchmarking of the investment options and investment providers to ensure they continue to be appropriate choices.         


Expenses

Investment options offered in retirement plans (e.g., Mutual Funds and other investment vehicles) have management fees (usually charged as percentage of assets) to pay for the professionals who perform the research and analysis to determine which investments to include in the fund. Investment-level fees relative to peers must be quantified and disclosed to participants.


Advisor Fees

If you use outside advisors or consultants for assistance with the administration, investment guidance, and/or compliance for your plan, you still have the responsibility to ensure that the services provided are necessary and that the cost is reasonable in light of the level and quality of services.  


Target Date Fund Analysis/Monitoring

The US Department of Labor has developed general guidelines for selecting and monitoring Target Date Funds (TDF), including: establishing a periodic review, understanding the underlying investment allocation, reviewing and monitoring expenses, and developing effective employee communications.


Fiduciary Fitness

Being a fiduciary means having responsibilities; the more you learn about them, the better equipped you are to make effective decisions. Measuring fiduciary fitness is a helpful starting point for you to determine if there are areas where your current processes can be improved or enhanced.


Want to use PLANScores for your organization? It’s simple and free.
Simply contact us and let us know and we will have someone personally assist you.

Get Started Today