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  • It is a statutory legal requirement that fees must be reasonable!
    • ERISA Sec 406(b) … fees must be reasonable
  • Price is what you pay, value is what you receive
  • Assumption: it is not reasonable if there is no value added
  • Calculate the excess return and relative risk taken from the investment decisions over the last 7 years
  • Identify the attribution to value added high level (core vs. TDF) and by holding
    • Must use composite returns and risk vs. the benchmark
  • Identify the impact of investment changes on a risk adjusted basis
  • Quarterly - Things change and you need to be on top of this.

Plan Committee and/or Investment Committee

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