What is plan benchmarking and why should I do it?

Benchmarking involves comparing and evaluating performance levels and processes—looking at the inner workings of the plan to see how well it’s serving participants. Because plan fiduciaries are responsible for properly selecting and monitoring all individuals and entities that provide services to their plan, benchmarking can provide information needed to improve the plan and demonstrates a documented process for making important plan provider decisions. Basically, it strives to ensure the best possible plan at competitive costs for participants.

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