One Case History…

One of our clients recently had a DOL audit. Among other things, the auditor was specifically looking at all fees associated with the plan. He was interested in confirming that the Plan Sponsor both understood the magnitude of fees AND the services provided for the fees. He was also keen to determine if the plan had investigated the reasonability of the fees. In that vein, the auditor asked the client if they had performed any fee and service benchmarking. The auditor was presented with the plan’s Certification of Reasonableness completed by Dalbar, Inc. and was pleased with the information in their report. In the auditors view, the Dalbar certification went a long way to demonstrate the plan’s due diligence and preparation in the context of the 408(b)(2) regulations. From our point of view, the Dalbar service is an invaluable fiduciary and plan protective tool.

Amy M. Charland, Pension Works, Inc.

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