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New providers should be recommended to combine a national recordkeeper with a local third party administrator, which would save the firm in plan administrative expenses.

An enhanced investment lineup would lower the investment expenses for participants, and a plan expense account could use revenue collected in the plan to pay for advisory and administrator plan expenses. Our other recommendations included:

• Reposition self-directed brokerage accounts to strategically improve key stakeholder usage while lowering plan investment expenses and eliminate the need for new accounts.
• Create an investment policy statement along with quarterly monitoring reports.
• Minimize fiduciary liability for plan trustees by implementing processes along with plan benchmarking every three years.
• Meet with plan participants to help them feel comfortable during the plan transition and improve diversification of their accounts.