A retirement plan should be evaluated based on investment options, fees, plan design, participant experience, service providers, fiduciary processes, and employee engagement.

A plan review can help identify opportunities to improve the plan for both the business and its employees.

Plan sponsors should understand all of the fees associated with their retirement plan, including investment expenses, recordkeeping, administration, advisory services, and other costs.

The question is not simply whether a fee is high or low, but whether the total cost is reasonable for the services being provided.

Retirement plan fiduciaries have important responsibilities under applicable law, including acting in the interests of plan participants, following plan documents, monitoring investments and service providers, and ensuring plan expenses are reasonable.

Plan sponsors should work with qualified retirement-plan professionals and legal counsel regarding their specific responsibilities.

Regular reviews can help evaluate investments, fees, service providers, plan design, employee participation, and fiduciary processes.

A review may also be appropriate when a company is growing, changing providers, or looking for ways to improve employee retirement outcomes.

Consider the advisor's experience, fiduciary approach, investment oversight, plan services, participant education, technology, communication, fees, and ability to coordinate with your other retirement-plan professionals.

Participation can be influenced by plan design, automatic enrollment, employer contributions, employee education, communication, and how easy it is for employees to understand and use the plan.

Changing a recordkeeper or retirement plan provider can potentially improve technology, services, investment options, participant experience, or pricing.

However, a transition also requires careful planning and communication. The potential benefits should be weighed against transition costs, disruption, fiduciary considerations, and implementation requirements.

A competitive retirement plan can be an important part of an employee benefits package.

Employer contributions, plan design, investment options, education, technology, and participant experience can all influence how employees value and use the benefit.

Business owners may have several retirement plan options depending on the size and structure of the business, number of employees, contribution goals, and other circumstances.

A retirement plan should be designed around both the business owner's goals and the needs of eligible employees.

A comprehensive retirement plan review can evaluate investment options, fees, service providers, fiduciary processes, participant education, plan design, and employee engagement.

The objective is to identify potential opportunities and help plan sponsors understand whether their current arrangement continues to meet the needs of the business and its employees.