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Recordkeeping Platform Assessment

Small plans frequently have big service needs, and a special NAPA task force has developed a template designed to make it easier for advisors to obtain a consistent, apples-to-apples comparison of service features from 401(k) recordkeepers. The NAPA Recordkeeping Platform Assessment Template is the outcome of months of discussion, analysis and collaboration by a diverse task force of individuals from some of the nation’s leading recordkeeper and advisor firms from both NAPA and the Council of Independent 401(k) Recordkeepers (CIkR).

Focused on the essential requirements for smaller plans (those with $5 million to $10 million in assets), the template was designed to highlight critical service elements in a manner that would make it easy and efficient for recordkeepers to respond in a consistent manner, simplifying the comparison process for retirement plan advisors and the small business owners they support. Plans in that size range are more likely to be working with advisors who are not retirement specialists, making a standardized request for proposal (RFP) an essential service enhancement.

The template deals with three key service aspects:

  • Administration Fee Detail including per-participant, asset-based, and participant and document services
  • Plan Service Highlights including data submission, reporting and testing, and call center services
  • Investment Program Overview including fund menu requirements, and revenue-sharing methodology

Download the 6-Page Template