Three-quarters (75 per cent) of defined contribution plan sponsors cite reviewing fees as the most important step they took to improve their fiduciary position in 2021, according to a new survey by U.S. investment consulting firm Callan.
This was followed by examining the plan’s investment policy statement (63 per cent) and investment structure (61 per cent) and completing formal fiduciary training (52 per cent).
“With the continued focus on fees, plan sponsors have more access to detailed fee data, allowing them to take a deeper dive when reviewing fees,” said Jamie McAllister, co-author and a DC consultant at Callan, in a press release.
Read: Fees, member communications top priorities for U.S. DC plans in 2020: survey
Among survey respondents, 100 per cent said they offer advisory services, including guidance, seminars and financial wellness. While a vast majority (95 per cent) said they offer a target-date fund, nine in 10 don’t offer an environmental, social and governance fund.
The survey also found the majority (90 per cent) said they offer a 401(k) plan as the primary DC plan. More than 97 per cent of plans had over $100 million in assets and 74 per cent have over $1 billion in assets.