Defined contribution plans have become a critical source of retirement income for employees. As companies have changed their defined benefit plan strategy to freeze their pension plans, defined contribution plans are often the only additional retirement income source outside of Social Security.
Defined contribution plans are unique because they are largely the only benefit program that requires participants to pay administration expenses (directly or indirectly). Additionally, many clients are highly reliant on the defined contribution administration providers as the greatest source of financial education for their participants.
In recent years, the industry has been overwhelmed with financial issues including fee transparency, overcharging, and various conflicts of interest.
For corporations with fiduciary responsibility for defined contribution plan oversight, a neutral party like Curcio Webb can help ensure you’re getting good value – and it shows due diligence to your stakeholders and employees.
Working with Curcio Webb
Curcio Webb assists our clients with defined contribution administration projects in several ways:
Renewing administration service agreements, while ensuring clients receive competitive contract terms, performance standard commitments, financial terms and transparency, and appropriate service scope
Searching for a new defined contribution administration provider
Helping clients determine the role of advice, managed accounts, and financial wellness within the overall service offering
Auditing information provided by service providers’ advisors (advice provided via phone and in-person)
Leading or assisting with the implementation
Performing operational reviews comparing how administration and data are working relative to requirements
Our Defined Contribution Plan Experience
Curcio Webb has supported hundreds of defined contribution administration projects for qualified and non-qualified plans. We have worked with numerous clients across all types of industries that sponsor some of the most complicated defined contribution plans in the country. These experiences have allowed us to accumulate considerable amounts of data that is used in all our defined contribution provider selection, renewal, and benchmarking projects.
Our team members are comprised of subject matter experts. We do not believe that generalists can drive the specific outcomes our clients desire. Curcio Webb consultants have a varied background, which includes working for providers, global consulting firms, and industry. In addition, we have actuaries who joined Curcio Webb from large consulting firms and an ERISA attorney who served as an internal benefits attorney for two Fortune 500 organizations.