Provider Analysis

iStock_000007572605_Medium At Spay & Associates, we consistently hear three questions when companies are evaluating their 401(k):

• Where do the fees come from?
• Is there a clear process that will show us what we are getting for our money?
• Are we getting the best deal possible?

Spay & Associates uses a tool called the B3 Provider Analysis to help answer these questions and more. The B3 has the potential to reduce your current fees by live bids from competing carriers. This process places the fiduciaries in the best and strongest position to negotiate with the current provider. Additionally, the B3 Analysis satisfies a fiduciary obligation. While no law specifically requires plan fiduciaries to issue a vendor RFP and solicit bids, the process definitely demonstrates fiduciary prudence. The Employee Retirement Income Security Act (ERISA) requires plan fiduciaries to act prudently and solely in the interest of the plan’s participants and beneficiaries. Additionally, The Department of Labor, in a preamble to 408(b)(2) regulations, assumes that “plans normally conduct RFPs from service providers at least every three to five years.”

The B3 Provider Analysis is available to Spay & Associates as exclusive members of the Retirement Plan Advisory Group. It has consistently resulted in savings for both hard costs to the organization and to plan participants.

Click here to view a sample B3 report. Contact us to schedule a B3 Provider Analysis.

Spay & Associates | 5465 Utica Ridge Road | Davenport, Iowa 52807 | Phone: 563-326-0960 | Fax: 563-823-0535

Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Spay & Associates are not affiliated.

Cambridge’s Form CRS (Customer Relationship Summary)

This communication is strictly intended for individuals residing in the states of CA, FL, IA, IL, IN, ME, MO, NM, OH, TX, WI. No offers may be made or accepted from any resident outside the specific states referenced.

PLEASE NOTE: The information being provided is strictly as a courtesy. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to. We make no representation as to the completeness or accuracy of information provided at these websites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this website.

Spay and Associates