A review starts with understanding the plan you have. Who does the work? What support do employees receive? How are decisions recorded? This optional checklist can help you organize a deeper review. Scott’s initial conversation is free, and no documents or information are required in advance.

1. The people and organizations involved

List the advisor, recordkeeper, plan administrator and payroll provider, plus the person inside your business who coordinates with them. Some providers perform more than one role.

Ask: When a question crosses between providers, who owns the next action?

2. Current agreements and fee information

Gather service agreements, fee disclosures and available invoices. Include investment expenses and other plan costs, not only the advisor’s fee. Note which services are included and which cost extra.

Ask: Are we comparing the same services and the total cost when considering providers?

3. Investment choices and review records

Find the current investment lineup, any investment policy statement, and recent monitoring reports or meeting notes. These help explain how choices are reviewed and decisions are recorded.

Ask: What process are we following, and where can we see the most recent review?

4. Questions employees keep asking

Describe how employees enroll, where they go for help and what education or individual advice is available. Note recurring questions or concerns without including personal account information.

Ask: Can employees reach someone who understands the plan and can explain their choices?

5. Changes at your business

Note growth, staff changes, a new payroll provider or a change in who manages benefits. These are useful context for deciding what support the business needs.

Ask: Has the support for our plan kept pace with the way we work?

Turn the list into a conversation.

For each area, write down what you have, one unanswered question and the person to follow up with. You do not need to send documents before making contact. Agree on an appropriate transfer process before sharing participant details or plan records.

This guide helps organize a conversation. It is not a complete compliance checklist or a finding that a plan meets its obligations. Employers remain responsible for selecting and monitoring service providers.

Further reading

The U.S. Department of Labor explains the importance of documented provider selection and monitoring, and comparing fees alongside the services received.

DOL: selecting and monitoring service providersDOL: considering plan fees and expenses

Looking for help with your plan?

Scott Campbell works with Orange County employers on retirement-plan guidance and individual participant advice. Tell him about your business and the questions you want to work through.

Explore QP Advisory’s employer services
Call Scott: (714) 486-4544