SERVICES

• The plan fiduciary is required to monitor all fees and expenses incurred by the plan or paid for by the plan or plan participants.
• In recent years additional guidance and attention is being paid to this requirement.
• Specifically the primary responsible fiduciary is required to answer three questions regarding each covered service provider.
• Is the service provided necessary and does the service provided meet the needs of the plan and of the participants.
• Is the person and firm providing the service qualified to provide the service. Are they an expert?
• Is the fee or expense for the service reasonable?
• We help our clients develop a robust documented process consistent with best practices to monitor and measure all covered service providers.