PLANSPONSOR - July - August 2023 - 9

Advisers can also get quotes from
recordkeepers that are outside the system,
but
those require a longer turnaround.
Recordkeepers that decide to participate
in Benetic's platform are able to determine
how they want to display their pricing, says
the provider's CEO, Ray Conley.
McCarthy says Benetic's basic services
are offered at no cost to the adviser, but
there are add-ons such as requesting an
in-depth historical benchmark, with a fee.
" These technologies are making it
easier to find what you need, to narrow
your search very quickly, " McCarthy says.
" It allows the advisers more time to meet
with the participants and the plan sponsors
and help educate them, as opposed to
doing all the technical back work. "
Streamlined RFP Benefits
Managing partner at North Pier Search
Consulting Jim Scheinberg says tech
tools are helpful if a plan sponsor wants
to conduct
the RFP solo, but he recommends
working with a dedicated search
consultant such as North Pier to reduce the
administrative burden.
RFPs also create work for the
responding organizations, and, Scheinberg
says, recordkeepers and advisers are less
apt to act on one if they need to craft new
answers for each. " Having a streamlined,
electronic RFP tool can create some synergies
on the respondent side, as well as on
the operator's side, whether that be the
plan sponsor or search consultant. "
Amplo says a diligent RFP process
greatly benefits participants, as well.
" I think, when you zoom out and look
at how this helps plan participants indirectly,
it's enormous, " she says. " It helps
their employers run a competitive bid
process to ensure a qualified adviser with
market-competitive fees is working with
them to oversee the plan, investments,
recordkeeper, and participant education
programs. Without that, participant
balances could be down significantly,
come retirement, due to lack of education
on contribution recommendations, or in
poor performance. " -Remy Samuels
Source: Morgan Stanley at Work, " State of the Workplace III: Financial Benefits Study "
88%
69%
... of employees said they're more
closely reviewing their financial
benefits now than they were a year
ago, a 9% increase, while
Employees Are Paying Attention
According to a survey of 1,000 employed U.S. adults and
600 human resources executives earlier this year,
TIDBITS
... of HR leaders said employees
have requested benefits their
company does not offer.
Plan Sponsors Want Retirees
Fifty-eight percent of plan
sponsors, this year-vs. 26%
in 2019-said they would
prefer to keep their retired
participants' assets in the
plan instead of seeing those
rolled into an individual
retirement account or other
plan. To incentivize retirees
to stay, more sponsors are
offering a retirement income
solution in their defined
contribution plan.
Source: Cerulli Associates, " The Cerulli Edge-U.S. Monthly Product Trends, " June 2023
58%
26%
2019
2023
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