Live Bid Benchmarking for Retirement Plans

Live bid benchmarking services vary based on plan complexity and scope. Many plan sponsors find that even modest reductions in retirement plan costs discovered through the live bid benchmarking process more than offset the analysis cost. We provide transparent pricing during our initial consultation and can structure fees as a project cost or ongoing advisory relationship. The investment in proper provider benchmarking typically pays for itself many times over through negotiated savings.

Three things: we generate over 90% of our revenue from retirement plan work (true specialists), we conduct 10,000+ benchmarks annually and analyze 450+ data points per bidder giving us unmatched market intelligence, and we're independently owned with no recordkeeper affiliations so our recommendations are driven solely by your interests. We also serve as named fiduciaries under ERISA, demonstrating our commitment to acting in your best interest.

Live bid benchmarking uses your actual current plan demographics to generate real live bid pricing proposals from qualified bidding providers. Database tools rely on industry averages that may not reflect your specific plan demographics, asset levels, or service expectations. While database tools offer speed, live bids deliver accuracy and negotiating leverage. Databases tell you what plans like yours might pay on average, while the live bid benchmarking process tells you exactly what providers will charge your specific plan right now.

A complete live bid RFP typically takes 30-60 days from initial data collection through final recommendations. The timeline depends on provider response times and the complexity of your plan. For plan sponsors facing contract renewals or audit deadlines, we can expedite the process. Between formal benchmarks, our Market Competitiveness Review provides faster insights in 10-15 business days using verified data from our database of live bid pricing proposals.

If it's been three or more years since your last benchmark, you should benchmark now to meet DOL best practices. You should also benchmark if you're approaching a contract renewal, preparing for a plan audit, facing participant complaints about retirement plan fees, or simply uncertain whether your current provider's fees fall within a reasonable range. Even plans that recently benchmarked benefit from annual market reviews, as the retirement plan landscape changes rapidly.

Armed with live bid pricing proposals from competing providers, you have concrete leverage for negotiating retirement plan fees with your incumbent provider. Providers know that losing a client is expensive, so they're often willing to offer a fee concession or service improvements when presented with competitive alternatives. We've seen recordkeepers reduce plan provider's fees by 15-30% when faced with documented evidence that their pricing is above market based on a thorough market analysis.