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11.29.23  |  Institutional Retirement Plans

Retirement Plan Newsletter | Q4 2023

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Annual Plan Review. Investment Committee Meeting.  Fiduciary Review.  It goes by many names. No matter what you call it, it is an essential part of 401(k) plan oversight.  If you are involved with the administration of your company’s retirement plan, then you and others should be meeting on a regular basis to review the plan’s performance and management.

How often?  This varies from plan to plan, but you should be meeting at least annually.  Some companies meet on a quarterly or semi-annual basis, but the important thing is that you are consistent.

Who attends?  Some companies will establish a retirement plan committee made up of employees who have some kind of discretionary authority over management of the plan.  In addition, a typical meeting will involve the advisor, a representative from the recordkeeper, and if applicable, the Third Party Administrator (TPA).

What topics are covered?  The main areas of discussion involve plan demographics, plan design, investment performance, and fees.  These discussions should include benchmarking from a third party or independent source.  Additionally, it is common to cover recent legislative updates as they relate to retirement plans and to discuss an employee education schedule for the year.

Should I keep a record of this meeting?  Yes!  Ideally, someone will record and write up the meeting minutes.  The minutes along with any reports that are reviewed should be kept on file should you need to reference anything or should you need them for an audit of the 401(k) Plan.

As described above, Grimes & Company does recommend that companies benchmark the plan fees and investments annually.   However, you may also conduct a more formal Request for Proposal (RFP) every 3-5 years.  An RFP involves putting your plan out to market and allowing various providers the opportunity to “bid” on your business.  Why is this important?

Requesting a proposal from other service providers allows you to see the most up to date investments, technology, and pricing for a plan your size across the marketplace.  This is especially important if your company has grown or otherwise changed in size or structure.  Typically, recordkeepers will not change pricing or services unless asked, so an RFP can provide you with powerful leverage to approach your current service provider.

An RFP is best conducted by an independent Registered Investment Advisor (RIA) that has experience in the process.  Often 3-4 other providers will be asked to participate, and the advisor will work with you to determine if it is in the best interest of the plan and its participants to keep the plan where it is, move the plan, or restructure the current arrangement.

Grimes has a dedicated team that specializes in providing investment advisory services to retirement plan fiduciaries and their employees.  We assist clients with investment selection and monitoring, fee benchmarking, plan design, and employee education.

401(k) & 403(b)$22,500$23,000
401(k) & 403(b) Catch-Up$7,500$7,500
Key Employee$215,000$220,000

Important Disclosures:

Sources include, Bureau of Economic Analysis, Bureau of Labor Statistics and FactSet.


Please remember that past performance is no guarantee of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Grimes & Company, Inc. [“Grimes”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Grimes. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. No amount of prior experience or success should be construed that a certain level of results or satisfaction will be achieved if Grimes is engaged, or continues to be engaged, to provide investment advisory services. Grimes is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Grimes’ current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at Please Note: Grimes does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Grimes’ web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a Grimes client, please contact Grimes, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.  Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

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