Frequently Asked Questions

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  Our firm has experience dealing with plans that are delinquent filers. The Delinquent Filer Voluntary Compliance Program (DFVCP) is available which greatly reduces IRS penalties and allows your plan to get up to date. Let us assist you in finding the best solution to bring your plan back into compliance.

  The answer is maybe not. For plan years following 2023 the audit rules have changed. It is now required to be performed if your plan has over 100 account balances. Prior to this change it was required if you had over 100 eligible employees. So, it is certainly possible that your plan is no longer required to have the audit if your company has less than 150 employees. Let us look at your plan to see if mandatory force outs or rollovers can bring your plan to under 100 account balances and thereby avoid the expensive and time-consuming audit requirement. 

 Standard Benefit Administration specializes in analyzing plans for benchmarking fees. Many plans have hidden fees that may not even be shown in fee disclosure reports or Trust Reports. At no cost or obligation, we can perform a fee analysis and show you where your plan stands. We can almost always find fee reductions in the plans we analyze. 

  It depends on the demographics of your plan. Our rule of thumb is no plan should be paying much more than 1% “all in” and many plans should pay far less. This would include Recordkeeping Fees, Advisor Compensation, payments to Third Party Administrators or accountants for plan administration and Fund Expense Ratios. We work with plan sponsors to reduce or eliminate these fees and add index funds from various asset classes to your plan to reduce fees and allow the fee structure to be more participant driven.

 We have relationships with many different recordkeepers including Empower, VOYA, American Funds, T. Rowe Price, John Hancock, Fidelity and many others. Part of the benchmarking process we employ is to find you the best recordkeeper given the demographics of your particular plan. Many times, we can work to reduce your expenses if you are on one of these recordkeeping platforms without actually changing your platform.