Snapshot
- Client: Mid-sized nonprofit organization that provides trauma-informed support services
- Challenge: Retirement plan provider no longer aligned with evolving needs and limited internal resources
- Solution: Structured, fiduciary-driven provider selection process
- Impact: Improved fee transparency, stronger governance, and enhanced participant support
The challenge
As its retirement plan grew in both assets and participation, a mid-sized nonprofit recognized that its existing provider relationship was no longer keeping pace.
The plan committee faced increasing complexity but lacked the internal capacity to effectively evaluate whether their current service model was still the right fit. Key concerns included:
- Limited visibility into total plan fees
- Gaps in participant engagement and education
- Administrative inefficiencies straining internal resources
As fiduciaries under ERISA, the committee had a responsibility to ensure all plan decisions were made in the best interest of participants — and that those decisions were well-documented.
Without a structured review process, the organization risked:
- Making reactive, cost-driven decisions
- Overlooking critical service gaps
- Increased fiduciary and compliance exposure
The approach
Sikich Retirement Plan Services partnered with the committee to implement a structured, objective provider selection process designed to reduce bias and strengthen decision-making.
Defined clear objectives
Established priorities aligned to fiduciary responsibilities, including fee transparency, participant engagement, and administrative efficiency.
Built a standardized evaluation framework
Developed a consistent scoring model and questionnaire to enable objective comparison across providers.
Conducted fee reasonableness evaluation
Evaluated all plan-related fees — including recordkeeping, administration, investments, and participant-level fees — in the context of services delivered and ERISA requirements.
Assessed participant engagement capabilities
Reviewed providers’ ability to support employee outcomes through education, financial wellness programs, and access to advisory support.
Evaluated operational infrastructure
Analyzed service models, payroll integration capabilities, and error resolution processes to ensure long-term efficiency and reliability.
Beyond facilitating the process, Sikich helped the committee expand its perspective, introducing evaluation criteria and considerations that had not previously been part of their decision-making.
This approach ensured:
- A more comprehensive assessment of provider capabilities
- Reduced bias through structured comparison
- Stronger fiduciary documentation at every stage
The results
Through this structured approach, the organization made a provider change and achieved:
- Greater fee transparency across all cost components
- Improved alignment between services and plan needs
- Enhanced participant support, including access to education and financial guidance
- Stronger governance and documentation, reinforcing fiduciary compliance
Client impact
With a clearly defined evaluation process and documented decision-making framework, the plan committee is now better positioned to:
- Make informed, defensible decisions
- Reduce administrative burden on internal teams
- Continuously monitor provider performance as plan needs evolve
Key takeaways
- Provider selection is an ongoing fiduciary responsibility, not a one-time decision
- Fee reasonableness must be evaluated in the context of services delivered
- Structured evaluation processes reduce bias and improve outcomes
- Strong documentation is essential for fiduciary protection
Looking ahead
Ongoing monitoring remains critical to ensure the retirement plan continues to meet the needs of participants as the organization evolves.
Organizations that take a structured, fiduciary-driven approach to provider evaluation are better positioned to improve outcomes while managing risk.
If you’re unsure whether your current retirement plan provider is aligned with your organization’s needs, a structured review can uncover opportunities to improve performance, reduce risk, and better support participants.
Request a complimentary review of your plan and ideas on how to improve outcomes.
Contact Joe Connell, Principle Sikich Retirement Plan Services at joe.connell@sikich.com.
Disclosure: “Sikich” is the brand name under which Sikich CPA LLC and Sikich LLC provide professional services. The entities under the Sikich brand are independently owned and are not liable for the services provided by any other entity providing services under the Sikich brand. The use of the terms “our company”, “we” and “us” and other similar terms denote the alternative practice structure of Sikich CPA LLC and Sikich LLC.
Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor.
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