Get a Wider Perspective with a 401(k) Benchmark Report
Benchmarking your company’s 401(k) Plan requires you to maintain proper documentation and be knowledgeable about the details of your plan.
If you’re looking at the stack of papers on your desk or the number of unread emails in your inbox and wondering how you’re going to stay on top of your 401(k) in addition to your other responsibilities, you aren’t alone.
When you work with Vision401k, you’re choosing an experienced team that you can trust with those time-intensive tasks, so you can focus on your company and employees instead of updating documents.
How We Support You with 401(k) Plan Benchmarking
It’s true that benchmarking your company 401(k) plan is required under ERISA law, but even if it weren’t a requirement, we would still believe in helping you complete an annual review.
Benchmarking not only meets your fiduciary obligation to make the best possible decisions for your employee participants, it also gives you an opportunity to improve your 401(k) plan.
When we benchmark your plan, you arm yourself with knowledge about your plan that you might not otherwise have the ability to find on your own.
Specifically, our annual plan reviews empower you to:
- Understand your fees and per-participant costs so you can ensure that what you’re paying for is in line with what’s expected for a plan of your size
- Understand statistics for employees who participate in your plan, including:
- Asset growth for the entirety of all participants in your 401(k)
- Average account balance gives you insight into how much the average participant is contributing
- Percentage of employees who choose to participate, so you can better understand how to help non-participating employees take advantage of the benefits of your plan
- Compare Fund performance for all available asset selections in your plan, to give you a sense of which funds are meeting expectations
- Identify the risk for each fund available in your plan so your participants can select assets that fit their desired level of risk exposure
Understand your plan and make the best choices for your company and plan participants. Contact Vision401k today to get started.