If your plan broker or advisor is not signed-on as a fiduciary - and it's important to actually read your Service Agreement, not simply the marketing materials - don't expect to hear anyone volunteer to cut their fees... although I have heard of one bundled provider who recently, and somehow magically, just discovered how they can save their client some money - makes you wonder where that revelation was a year ago.  Some plan sponsor probably said, 'Oh, goody, how wonderful of you!'

Want to know if your fees are too high? All you need to do is compare your plan to others of similar size (assets and number of participants) in bundled both bundled and open architecture platforms. It isn't that hard - or even that expensive - but, it sure provides you with a bargaining tool.

An independent benchmarking analysis of your plan vs. a meaningful peer group will not only tell you how your plan compares; it might even provide the justification you would need for doing nothing! Remember, it's not just about cost; it's also about the services you receive!

Benefit - Cost = Value. 

If your fees are on the high side, you can contact your provider and try to negotiate reduced fees, especially if you're not a heavy user of some of the services.  If that doesn't work, you can start shopping for a new provider.  Remember, good intentions don't count. It's about having a documented process for what you do or don't do.

By the way, here's the DOL's final regulation for service provider disclosure under 408(b)(2).

I've discussed the provider search process in other posts; but, when it comes to benchmarking, just be sure your process is truly independent by someone without a stake in the outcome.

If you haven't independently benchmarked your plan in the last two years, this is an excellent time to get your ducks lined up.