The Encore Fiduciary Large-Plan Recordkeeping Benchmark Study

The Encore Fiduciary Large-Plan Recordkeeping Benchmark Survey – What Large Defined Contribution Plans Pay for Recordkeeping Services is designed to provide a reliable benchmark for plan fiduciaries to defend against imprudence lawsuits that are based on false and misleading comparisons.

There have been hundreds of fiduciary imprudence lawsuits been filed in the last eight years alleging that large plan sponsor fiduciaries are “asleep at the wheel” by allowing recordkeepers to charge excessive fees to plan participants. But while the initial lawsuits against universities and other corporate plans might have alleged legitimate claims of high asset-based plan administration fees and uncapped revenue sharing, many of the current purported excessive fee cases are based on misleading facts, pure conjecture, and improper benchmarks. In some cases, the recordkeeping fees alleged in these fiduciary malpractice lawsuits are just plain false. But even when the fees at issue are properly alleged in the complaint, which is very rare, the purported recordkeeping benchmarks proposed in these lawsuits have no support in reality.