Form 5500 data does not always accurately account for items such as Insurance Company General Accounts, Schedule C Administrative Fees and ERISA Spending Accounts. In addition, the 5500 does not recognize items that may drive costs for service providers. The most important reason though is that the 5500 contains no service, support or participant success measure information which FDI believes is required to determine fee reasonableness.
Modeled after what you already know and trust, the Value and Fee Benchmark with FEEPOINT® calculation Report, but now in an easier to present format. The presentation style format follows the same method and process as FDI’s industry leading benchmark report. It assists Plan Sponsors and their Service Providers in answering the question: “Are my fees reasonable?”. A report can be ordered for the entire plan or as individual Service Provider Chapters (i.e. Investment Manager, Recordkeeper, Third Party Administrator and Advisor/Consultant).
FDI does not use Form 5500 or survey data. All data is obtained directly from the “source” – the Recordkeepers, TPAs and Advisor/Consultants who are engaged with the plan and can provide their fees and services with complete accuracy.