Services > Retirement Plans > Vendor & Platform Selection

 

Vendor & Platform Selection

 

	Are you happy with your Retirement Plan Service Providers?
	Are the fees you are paying competitive and appropriate?
	Do you have well defined service standards and a method for evaluating those standards?
	When is the last time you have evaluated the alternatives that are available with your existing provider and/or other providers in the marketplace?

 

Not only is the evaluation of your retirement Plan Service Providers a sound business practice, it is your responsibility under ERISA. The selection of service providers for your Retirement Plan is a fiduciary function. Failing to follow a prudent process for the selection and evaluation of these providers could reduce the effectiveness of your Plan and leave you exposed to unexpected personal liability.

 

LAMCO can prove to be an invaluable resource in this process. With a wealth of knowledge on industry best practices, experience negotiating with a large number of retirement plan providers and experience in every aspect of Retirement Plan Management, LAMCO is your unbiased advocate. In fact, we are so confident in our ability that we are willing to accept the fiduciary responsibility for our actions.

 

 

 

 

 

 

"A trustee’s lack of familiarity…is no excuse…trustees are to be judged according to the standards of others acting in a like capacity and familiar with such matters…The trustees being ill-equipped…failed to observe their duty to seek outside assistance…"   Katsaros v. Cody