Benchmark Your Company’s 401(k)
Is your 401 (K) plan in compliance? We can help you find out.
ERISA Section 408(b)(2) allows for the payment of expenses from a 401 (k)plan to the extent those expenses are reasonable. The question for most plan sponsors...how do I know if expenses are reasonable?
Sentinel Pension & Payroll can provide an independent review of your plan expenses, and provide a comparative benchmark of your expenses with other plans of comparable size.
Comparative benchmarking will allow you to answer questions about reasonableness of plan expenses, and keep you from engaging in a costly prohibited transaction.
The Department of Labor (DOL) released updated regulations in 2012 that require annual notification of plan expenses by your service providers. The DOL will be asking about your process fordetermining the reasonableness of fees. By completing a comparative benchmark, you will have met your obligations for having a process that determines reasonableness of plan expenses.
At a fee of only $895, let Sentinel Pension & Payroll assist you in creating the process for benchmarking your plan expenses, and meeting the DOL requirements for determining reasonableness of fees.