Plan Benchmark Reports

Benchmark Reports for 401k & 403b Plans

Impartial and Objective

Plan sponsors hire Minich MacGregor Wealth Management specifically for 401k and 403b plan benchmarking services. It is an integral part of our fiduciary process.  Our benchmark report spotlights and compares the following attributes of your plan to marketplace standards:

• 

  Investment management fees

• Investment advisor fees
• Administrative/record-keeping fees
• Participant transaction fees
• Total fees
• The quality of your investment fund line-up
• The diversity of your investment fund line-up
• The competitiveness of your plan design
• Plan features
• Participant success measures
• Your plan’s level of fiduciary compliance
• How effectively your participants have invested in the plan.

Three Outcomes

Typically there is one of three outcomes after a plan benchmark report is completed:

1. You learn that your plan is on track and needs little or no adjustments.
2. You find that your plan is mostly on target, but there may be some small adjustments that should be made.
3. You find that there are some major areas that could be improved and / or compliance areas that need attention.

Regardless of which outcome is applicable to your situation, the plan benchmark report and the minutes of the meeting reviewing the report should go in your fiduciary file. As a part of your ongoing fiduciary responsibility, you should plan on having another benchmark report done every 2 to 3 years as a fiduciary best practice.