Question: We’re considering changing our retirement plan vendor. What areas should we focus in on when searching for a new provider?
Answer: There are three areas you should focus on closely, says employee benefits attorney John L. Utz.
- Cost. Value is key here. If the new company’s more expensive than your current vendor, does it offer more resources? Are the additional services worth the extra cost?
- Communication tools. Will your employees be able to easily read and understand the new provider’s educational materials? Will your workers be able to navigate the provider’s Web site easily?
- Investment options. Are the vendor’s investment options varied enough to suit the needs of your employee population?
