Trustees for corporate retirement plans are now facing new challenges. Due to generational changes, clients look at the trustee relationship through a different lens.

Plan sponsors expect trustees to be able to execute their general duties such as:

  • Administering the plan in accordance with the documents and instruments governing the plan
  • Following ERISA guidelines pertaining to prudence and diligence
  • Ensuring the plan does not engage in “prohibited transactions” described in ERISA

Meeting these expectations does not distinguish one trustee from another.

Plan sponsors are focused on issues pertaining to cultural fit, the efficacy of communications and reporting, and the overall quality of the relationship with the trustee. The outcomes of these changing expectations have resulted in plan sponsors deciding either to remain with the current trustee through a targeted benchmarking/contract initiative, or to conduct a search for a new trustee.

Working with Curcio Webb

Curcio Webb assists our clients with trustee projects in several ways:

  • Benchmarking the trustee’s fees, contract terms, and scope of services
  • Renewing trustee service agreements, while ensuring clients receive competitive contract and financial terms, meaningful performance standards, and appropriate service scope
  • Searching for a new trustee
  • Leading or assisting with the implementation