Barnes Dennig continually strives to go “beyond the numbers” and provide more insightful knowledge to the business community. The firm audits more than 140 plans, ranging in size from 100 to more than 3,500 participants and $300,000 to $350 million in assets. Extrapolating from U.S. Department of Labor data, Barnes Dennig is one of the top 100 CPA firms in the nation, in terms of the number of employee benefit plans audited annually. To provide further value to Benefit Plan providers, we took the opportunity to gather information from these clients and compile a benchmarking report specifically focused on Employee Benefit Plans.
This report accumulates key metrics and issues related to both the design and the risk management of defined contribution benefit plans. The results provide information which can be used by plan administrators to help revamp their plan. In conjunction with the report, a member of the dedicated employee benefit plan team can help guide you through the results.
The report provides a wide array of information, but we decided to focus on a couple of the biggest aspects found in the survey with a deeper dive into the data. With more than half of the survey respondents answering that they have evaluated their trustee/custodian relationship in the past year, Barnes Dennig wants to ensure the other half is also continually evaluating this relationship. A healthy trustee/custodian relationship can help plan administrators focus on other important areas the plan is lacking in. Other survey results show nearly two thirds of respondents offer ROTH deferrals in their plans, median investment options offered by plan respondents ranged from 10-20, and satisfaction with plan performance and design is consistent and rated highly.
Want the full survey today in order to compare the complete results with your plan? Request the full report here to see how your plan measures up to other regional respondents.