Plan Fee Mistakes – FiduciaryNews Coverage

There is a broad discussion taking place – from advisors to news and information outlets – on how fiduciaries can gain and maintain confidence in their plan, get the best performance for their employees, and avoid making mistakes with costly, sometimes legal, repercussions.  Pension Consultants, Inc. is excited to be at the forefront of that conversation, leading the push for objective performance standards and absolute transparency in retirement plan management.

Continue reading

How to Use Revenue Sharing and Still Achieve Fee Transparency

There are many costs involved in successfully sponsoring and operating a retirement plan. Those costs can include paying the people who help operate the plan, including internal staff and third party administrators, record keepers, financial advisers, and more. To pay for some of these plan services, plan sponsors may reimburse certain service providers, e.g., administrative and record keeping expenses, through the use of revenue sharing. Although there is some controversy with revenue sharing as the retirement industry moves to more fee transparency, courts have continued to reaffirm that the use of revenue sharing to pay certain plan expenses is, in fact, legal. Plan fiduciaries are still obligated to understand how the record keeping arrangement is structured and what role revenue sharing plays in that set-up. They must ultimately be able to make a determination that the fees are reasonable and the services are necessary. Continue reading