Your retirement plan’s recordkeeper plays a critical role in shaping the participant experience, ensuring compliance, and providing fiduciary oversight.
The best providers will provide comprehensive services and have these 10 traits:
| 1) Modern, user-friendly online tools and participant portals that enhance the user experience. 2) Fast, responsive service for plan sponsor and participant questions and requests. 3) Clear, transparent, and easy-to-understand fee structures. 4) Customized reporting that empowers plan oversight and decision-making. 5) Robust, proactive participant education programs that drive engagement and understanding. 6) Strong compliance support with consistent on-time delivery and regulatory alignment. 7) Full transparency in investment and plan performance data. 8) Accurate data processing and reliable participant account management. 9) Flexible plan design options tailored to your organization’s unique needs. 10) Continuous innovation and regular technology upgrades to improve efficiency and outcomes. |
As a fiduciary, you have a responsibility to ensure your recordkeeping provider delivers value, transparency, and high-quality services. Ensure your organization is partnered with a top-tier provider.
The information contained herein is provided for informational purposes only. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Francis LLC does not offer personal legal advice, and this article is not intended as legal advice. Please consult with qualified ERISA counsel.
