You have a fiduciary responsibility, as a plan sponsor, to ensure that plan fees are reasonable as a plan sponsor. The best practice for meeting this fiduciary obligation is to go shopping. Ask a variety of potential vendors the same questions about what they charge for the services they provide. Obtain bids from the most promising vendors and chose your favorite.
Remember that plan participants and the Department of Labor may be interested in your shopping experience. Please document the process used for making your selections and the basis for doing so. This will demonstrate that you acted prudently to save money for plan participants.
Occasionally, you might want to, in effect, return what you purchased. You may find that you paid too much for a brand name or that the service was deficient. When this happens, it is time to go shopping again. When you shop around for a plan audit, please make sure the firm you select is a member of the AICPA Employee Benefit Plan Audit Quality Center. As a member of the American Institute of CPAs Employee Benefit Plan Audit Quality Center, Salmon Sims Thomas is committed to adhering to the highest quality standards by voluntarily agreeing to the Center membership requirements, which include designating a partner responsible for our employee benefit plan audit practice, establishing quality control programs, performing annual internal inspection procedures, and making our peer review report findings publicly available. If you have any questions, please contact us.