Question 1

How long does a 401(k) recordkeeping RFP take from start to finish?

Accepted Answer

A typical recordkeeping search takes 10 to 14 weeks from RFP issuance to finalist selection. Implementation with a new recordkeeper adds another 6 to 12 months depending on plan complexity.

Question 2

How does Curcio Webb benchmark recordkeeping fees?

Accepted Answer

We benchmark fees against our proprietary database of negotiated recordkeeping fees, segmented by plan size, participant count, and service scope. This provides a direct comparison rather than relying on industry surveys.

Question 3

What should a plan sponsor look for in a recordkeeping search?

Accepted Answer

Beyond fees, we evaluate the participant digital experience, plan sponsor reporting, compliance capabilities, communications support, and the recordkeeper’s commitment to the employer market segment. Service quality and strategic fit matter as much as cost.

Question 4

When should a plan sponsor consider switching recordkeepers?

Accepted Answer

Common triggers include a material decline in service quality, a lack of investment in technology, fees that are significantly above market, or a change in the recordkeeper’s ownership or strategic direction. We suggest a formal evaluation every five to seven years.

Question 5

Does Curcio Webb support plan sponsor committees during the search process?

Accepted Answer

Yes. We present our analysis and work product directly to the investment or benefits committee, provide all documentation needed for fiduciary files, and support the committee through finalist interviews and final selection.

Question 6

How does Curcio Webb handle the transition to a new recordkeeper?

Accepted Answer

We provide implementation oversight including project management, timeline tracking, data migration coordination, and communications planning. Our team works alongside the plan sponsor and both the outgoing and incoming recordkeepers to ensure a smooth transition.

Question 7

How often should a plan sponsor benchmark their H&W broker or consultant?

Accepted Answer

We suggest a formal evaluation every three to five years. The H&W consulting market evolves rapidly, and broker compensation structures can become misaligned with the value delivered over time.

Question 8

What is involved in a benefits administration platform search?

Accepted Answer

We evaluate technology capabilities, enrollment experience, eligibility management, COBRA administration, account-based plans (FSA, HSA, lifestyle), ACA compliance, reporting, data security, and fees. The process includes development of a fully customized RFP, product demonstrations, a review of total cost of ownership, and reference checks.

Question 9

How does Curcio Webb evaluate pharmacy consulting arrangements?

Accepted Answer

We assess pricing guarantees, rebate pass-through rates, specialty pharmacy management, member experience, clinical programs, and overall cost transparency. PBM contracts are among the most complex in the benefits area, and an independent review ensures the pharmacy consultant is managing them effectively.

Question 10

When should a company consider switching H&W brokers or consultants?

Accepted Answer

Common triggers include declining accuracy or quality, consultant turnover, diminishing engagement of team resources, reduced strategic value, limited market leverage, fee increases without corresponding value, or a change in the consultant’s ownership that introduces conflicts of interest.

Question 11

Does Curcio Webb work with self-insured and fully insured plans?

Accepted Answer

Yes. Our H&W discipline works with plan sponsors across the full spectrum of funding arrangements, including self-insured, fully insured, level-funded, and captive programs.

Question 12

What is the difference between a 3(21) investment consultant and a 3(38) OCIO?

Accepted Answer

A 3(21) advisor provides non-discretionary guidance – the investment committee retains final decision-making authority. A 3(38) OCIO takes on discretionary control and makes investment decisions on behalf of the plan. Both carry fiduciary responsibility, but the scope and liability differ significantly.

Question 13

How often should a plan sponsor benchmark their investment consultant’s fees?

Accepted Answer

We suggest benchmarking every three to five years, or whenever there is a material change in plan assets, investment structure, or the advisor’s ownership. Regular benchmarking is a core component of fiduciary governance.

Question 14

What does an independent investment consultant search look like?

Accepted Answer

Curcio Webb manages the end-to-end RFP process: defining the scope, issuing the RFP to qualified firms, evaluating proposals, conducting finalist presentations, and supporting contract negotiation. The process typically takes 12 to 16 weeks.

Question 15

How does Curcio Webb benchmark investment consulting fees?

Accepted Answer

We maintain a proprietary database of actual negotiated fees from hundreds of investment consulting engagements. We benchmark against real market terms, not published surveys, which provides a more accurate picture of what plans of comparable size and complexity are paying.

Question 16

What types of asset owners does Curcio Webb work with?

Accepted Answer

We work with a broad range of institutional asset owners: qualified and non-qualified retirement plans, defined contribution plans (401(k), 403(b)), corporate defined benefit plans (traditional and cash balance), Taft-Hartley and public sector pension plans, endowments, foundations, higher education institutions (public and private universities), insurance companies, and sovereign wealth funds. Our geographic experience includes U.S. domiciled plans and organizations with international structures in Canada, Puerto Rico, and the Caribbean, including Cayman Islands experience.

Question 17

What does ongoing fiduciary monitoring include?

Accepted Answer

For OCIO engagements, we monitor adherence to the investment policy statement, evaluate investment performance and risk management, and benchmark fees on a recurring basis. For managed account providers, we assess participant outcomes, fee competitiveness, and the provider’s fiduciary oversight process.

Question 18

How often should a plan sponsor benchmark their actuary’s fees?

Accepted Answer

We suggest every three to five years, particularly if the plan has undergone significant changes in participant count, plan design, or complexity, or if there has been significant organizational change at the incumbent firm. Many plan sponsors have retained the same actuary for decades without a formal fee review – and most are paying more than they need to.

Question 19

When should a plan sponsor consider a pension risk transfer?

Accepted Answer

Key considerations include funded status, the desire to reduce balance sheet volatility, the administrative burden of maintaining the plan, and favorable annuity market pricing. We help plan sponsors evaluate the cost and benefit of various de-risking strategies and manage the project through completion.

Question 20

Does Curcio Webb provide direct actuarial services?

Accepted Answer

Yes. For smaller plans that fall below the threshold typically served by global consulting firms, our in-house actuaries provide direct consulting services. Our actuaries have decades of experience working with plans of all sizes, having previously worked at the large global firms.

Question 21

What size plans does Curcio Webb serve directly versus through search?

Accepted Answer

We provide direct actuarial services for plans typically under 3,000 active participants. For larger plans, we manage the actuarial consultant search and benchmarking process. This structure allows us to maintain independence while staying current with the skills and knowledge needed to evaluate firms that serve the large-plan market.

Question 22

What is the typical timeline for a plan termination?

Accepted Answer

A standard defined benefit plan termination typically takes 10 to 24 months from board resolution to final distribution, depending on the plan’s complexity, participant count, data quality, and the plan sponsor’s desire for an IRS determination letter. We support clients through every phase.

Actuarial

Actuarial Consulting Support (Large Plans)

Actuarial Consultant Search

Actuarial Fee Benchmarking

Service Agreement Renewal

Actuarial Oversight

Special Projects

Traditional Actuarial Services (Smaller Plans)

Compliance and Regulatory Support

Pension Risk Transfer

Plan Termination

Postretirement Benefit Plans Actuarial Consulting

Data Cleanup and Management

Common Questions