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Assessing Fee Reasonableness, Step Three: Implement a Prudent Evaluation Process
ERISA Fiduciary Administrators LLCLink to more items from this source
Oct. 30, 2015
10 pages. "Assessing the reasonableness of a provider's fees generally gets most of the attention because ... a simple dollar or bsp metric, like a light switch, is easy to get your head around. However, [ERISA] section 408(b)(2) makes the evaluation of a fees merely a component of a broader mandatory evaluation of the reasonableness of the plan's overall 'arrangement' with the service provider.... A prudent reasonableness evaluation process begins with ... [an] examination of the provider's [service agreement], including all amendments, side letters,fee schedules, statements of work and performance guarantees.... Listed below are some frequently overlooked terms[.]"

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