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Products October 7, 2013
Fee Benchmarking Goes Digital
Financial reporting and benchmarking firm FRA PlanTools
released an iPad app aimed at providing a fast and cost-effective way for plan
advisers and sponsors to access and compare retirement plan costs and fee data.
Reported by John Manganaro
The app provides subscribers with a single page, multi-category benchmarking report that captures a list of documents and reports needed to assess fee reasonableness. Users can also employ the app to support Employee Retirement Income Security Act (ERISA) 408(b)(2) compliance efforts and establish a procedurally prudent fee assessment process, designers said.
App users must complete a brief input survey to generate the customized reporting.
Current FRA PlanTools subscribers are eligible for a free report through October 18. The reporting tool can also be purchased through Apple’s App Store.
A model report is available here.