A news release said the reports, available October 1, will be populated with current data that is updated daily as new plans are added to the system, and will provide a comparison between plans of similar size by total plan assets and number of participants.
Users also have the ability to compare existing and proposed service providers and investments, with data that could help support the reasonableness of plan fees, the company said.
Expense analysis is also possible for both a total and component cost basis. Component costs include Custody/Trust, Recordkeeping/Administration, Investment Management, Communication/Education, and Advisory services. The system will compare fees to guidelines under the Employee Retirement Income Security Act (ERISA).
More information is available at www.fraplantools.com.