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. 

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