Benchmark Process

A potential plan savings of approximately $30,000.

The Story 

Of the many services we provide, Echelon Group can offer plan benchmarks as a partner advisor and co-fiduciary for 401(k) plans. Benchmarking is a process that involves reviewing and evaluating a company retirement plan. It involves taking a look at what you are offering your employees today and deciding if it's appropriate or needs updating. The specific approach we use is called B3 Benchmarking. B3 represents the three cornerstones of 401(k) plan benchmarking: fees, services, and investment opportunities. In other words, plan expenses, level of service, and quality of investments can vary greatly across retirement plans. A typical B3 Benchmark process might begin with 8 plan administrators that might narrow down to 3 or 4 finalists. The information from the B3 Benchmark can help achieve one of several possible outcomes.

Potential Outcomes 

1. Without changing administrators, the plan fees could be successfully negotiated lower, more non-proprietary investments could be added, and an independent target date fund could also be added. 2. A company could decide to change their plan to another administrator. 3. A company could determine that their plan is operating at desired efficiency level. A hypothetical illustration of potential outcome #1 is provided in the grid below:

For illustrative purposes only. Individual circumstances, situations and outcomes may differ.

Connect with our team!

Email Us Schedule a Meeting 208.345.9944

Connect with our team!

Email Us Schedule a Meeting 208.345.9944