Page 463 - DCAC February 2024 Files
P. 463
Fiduciary liability insurance carriers taking notice
Excessive fee questionnaire requiring following disclosures:
Recordkeeping fees
– Describe process for selecting and monitoring fees.
– Last time RFI or RFP was issued.
– Disclose recordkeeping fees.
Investment fees
– Describe process for evaluating, benchmarking, and monitoring funds.
– Confirm least-expensive share classes offered.
– Does plan offer low-cost index funds?
Documentation
– Include any plan fee disclosures.
Proprietary funds/Services
– Disclose any use of proprietary funds or services.
– How much of the plan is invested in these funds and how much is paid for services?
Inquiries by plaintiff litigators
– Have you received any inquiries by a law firm regarding your plan?
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