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Recordkeeper Benchmarking: It's About More Than Fees
Qualified Plan Advisors [QPA]
Oct. 10, 2023 "[T]here are four complementary reasons to benchmark [recordkeeping] services: [1] To do the best possible for an organization's employees; [2] Because recordkeepers have innovated and responded to participants' demands to a degree that more is now available for less; [3] To comply with the DOL's 408(b)(2) regulation's requirements that fees be reasonable; and [4] Because the courts expect that it occur regularly (perhaps as frequently as every three years)." |
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