Issue
A private educational institution with more than 200 retirement plan participants and $20 million in plan assets sought greater visibility into the overall health, cost efficiency, and competitiveness of its retirement plan. Leadership was interested in understanding how the plan compared to industry benchmarks and identifying areas for potential improvement.
Solution
The institution engaged CBIZ to conduct a comprehensive Retirement Plan Assessment. This consultative review evaluated key areas of the plan, including fees, investment lineup structure, operational compliance, and plan design features. The goal was to deliver clear, data-driven observations and actionable insights to help the organization make informed decisions about the future of its plan.
Outcome
- Identified $70,000 in potential annual cost savings through fee benchmarking.
- Highlighted investment concentration risks and recommended more diversified, cost-effective alternatives.
- Flagged several compliance and plan design considerations, including regulatory filing errors, participant eligibility rules, and auto-enrollment levels.
- Provided actionable observations to help improve plan efficiency, strengthen participant outcomes, and enhance regulatory alignment.
Is Your Retirement Plan Due for a Checkup?
A retirement plan review can help identify strengths, uncover gaps, and provide actionable recommendations to help you ensure a healthy retirement plan while fulfilling your fiduciary duty of prudence. Contact CBIZ to get your personalized, complementary benchmark assessment.
| Company Information | |
|---|---|
| Industry | Education |
| Geographic Footprint | National |
| Number of Participants | 200+ |
| Retirement Plan Size | $20 Million |
Investment advisory services provided through CBIZ Investment Advisory Services, LLC, a registered investment adviser and a wholly owned subsidiary of CBIZ, Inc.
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