REASONABLE FEE OPINION
Excessive vendors’ fees are a hazard for retirement, pension, and group health plans.
Analyzing a provider’s fees for reasonableness can drain your time, money, and resources, and leave you exposed to a serious legal liability if not done properly.
Roland|Criss’ fee assessments allow for the objective examination of key vendor management practices, vendor agreements, and vendor performance.
Article
How Excessive Fees Impact Retirement Plans
A crisis is brewing for human resources managers. The Chairman of Roland|Criss’ Risk Management Committee reveals how improper fees charged on employees’ retirement accounts by vendors threaten employers in this article published in the Journal of Compensation & Benefits.
Reprinted with permission from Journal of Compensation & Benefits,
Practical Tip
Action Plan for Monitoring Vendors
Many enterprises that sponsor retirement plans have learned the hard way that the U.S. Department of Labor is serious about enforcing ERISA’s principle for monitoring their plans’ vendors. Here are five steps for doing it the right way.
Practical Tip
Seek Fiduciary Risk Assurance Backward
Retirement plan risk controls, specifically the internal standards for meeting ERISA’s fiduciary constraints, should be deduced from the results sought not driven by the providers of outsourced plan level services.
