Do any of these scenarios fit your situation?

You are unsure what fees you and your participants are paying and therefore can't tell if they are reasonable.
Plan sponsors continue to hear of the need to review the fees of both the company and participants.   You are aware that part of your fiduciary responsibility is to make sure fees are reasonable but you are not sure what questions to ask.  You are unsure of how share classes, revenue sharing and other non-disclosed revenue may be affecting the plan.

You are tired of hearing brokers, advisors, insurance agents and bankers tell you they can help, but only if you move the plan.
You are constantly called by advisors that tell you your plan is too expensive or the investments are inadequate. They then tell you that in order for them to help, the plan will need to move.  Many plan sponsors become concerned that their best interest may not be driving recommendations.

You are not satisfied with your current provider but not sure how to accurately compare other providers.
The only thing worse than finding out your provider is not adequately meeting the needs of the plan is to change to one that is even less appropriate. As with any company, plan providers sell their strengths and seldom mention their weaknesses.  You know there is more to a provider than fees but you do not have a documentable process to evaluate:

• Organizational issues
• Available administrative services
• Quality and breadth of available investments
• Reporting features
• Communication/Education Services
• Fees

You continually hear the term “fiduciary liability” but do not really understand what those responsibilities are.
The term “fiduciary liability” appears in every publication you read. Has anyone explained what your fiduciary responsibilities are and how to fulfill those responsibilities in a practical world?

You would like your employees to utilize the plan more and view it as a benefit.  Your highly compensated employees are not able to defer the IRS maximum due to testing issues.  You are not sure what level of knowledge and education your employees have of the plan.  You may even be concerned that the employees will not be prepared for retirement.

You find it difficult to get a clear answer.
When you ask a question, you do not get a clear answer. Depending on how many times you call or ask, you may even receive conflicting answers from the provider support or broker.

You feel alone in managing the plan.  
As administrator of the plan you are not sure what oversight actions should be taking place and how you should be providing direction for the plan.  There is no clear documentation that affirms investments are being reviewed and the plan is being proactively managed.

If one or more of these scenarios is true for you there is help, without necessarily moving the plan.

Learn how Horizon Resources partners with 401k plan sponsors and participants.