A well-structured retirement plan is one of the most valuable benefits an organization can provide. It supports employees’ long-term financial security while also reinforcing the company’s commitment to their success. But maintaining that value requires ongoing attention. Markets evolve, regulations change and workforce needs shift. The best plans adapt right alongside them.
Keeping your plan on track doesn’t have to be complicated. By stepping back and asking three essential questions, employers can evaluate whether their retirement plan is still aligned with their goals and serving employees well. These questions focus on the three Ps of plan oversight — price, placement and providers.
Price: Am I Paying Fair and Reasonable Fees?
Retirement plan fees can be difficult to compare, especially when bundled across recordkeepers, advisors and third-party administrators (TPAs). But benchmarking your plan is the fiduciary equivalent of shopping for home or auto insurance. It ensures that costs remain competitive as circumstances change.
As your plan grows in assets and participation, the fee structure should adjust too. A recordkeeper that was cost-effective when the plan launched may no longer be the best fit. Similarly, the advisor’s fees should be in line with the services they provide, such as plan design guidance, compliance alerts and employee education.
Key step: Schedule a regular benchmarking review. Comparing your plan’s fees to market rates helps ensure you’re paying fairly and provides documented support for your oversight responsibility.
Placement: Does the Plan Design Still Fit Our Company and Employees?
Plan design isn’t static. A structure that worked when your company was smaller may no longer meet the needs of a larger, more diverse workforce. Employers who don’t revisit their plan design risk falling behind competitors in the race for talent.
For example, early-stage companies may not prioritize profit sharing or executive-level plans after tax contributions. But as the business grows, those features can be powerful tools for attracting and retaining top talent. Likewise, regulatory changes such as the ability to direct employer matches into Roth accounts open new opportunities for employees to save in tax-efficient ways.
Key step: Treat plan design as a strategic HR tool. Review it regularly to ensure it reflects your workforce demographics, supports recruitment and retention goals and stays compliant with evolving regulations.
Providers: Are Our Providers Meeting Expectations?
Strong service providers are more than just vendors; they’re critical to helping you protect your business and supporting employees. Yet many employers rarely revisit provider relationships once they’re in place.
Beyond price, it’s important to evaluate the quality of services you’re receiving. Is your recordkeeper providing clear reporting and an easy-to-use portal? Is your advisor alerting you to regulatory changes and helping with employee education? Is your TPA responsive and aligned with the level of service you expect?
Key step: Develop a provider scorecard. Use it to track service levels, responsiveness and value delivered. A structured review process ensures accountability and positions your company to make changes if providers are no longer a good fit.
Asking the Right Questions
A thoughtful review process not only protects the organization, it also strengthens employee confidence in the retirement plan which is a win for both sides of the table. With a framework that focuses on three critical areas — price, placement and providers — your retirement plans can remain competitive, compliant and aligned with organizational goals. At Weaver Capital Advisors, we believe effective oversight starts with asking the right questions. Contact us today.
Written by: Patrick Nortfleet
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Advisory services offered through Sowell Management, a Registered Investment Advisor.