When you select a defined contribution plan vendor, you are not only choosing to use their services but buying that vendor's business processes. Cowden Associates, Inc. (Cowden) takes an in-depth look at potential vendors, carefully evaluating their processes and assessing their capability to meet the plan sponsor's and participants' needs. Throughout the vendor relationship, Cowden will continue to monitor vendor performance and expenses relative to service agreements, seeking ways to enhance vendor service.

The best time to conduct a review is during the vendor evaluation process, before a final vendor selection has been made. However, if a plan sponsor makes a decision to search for alternative vendors at any time, we can help determine appropriate candidates and the best fit relative to identified needs and goals.

Benchmarking

It can be helpful to know how your defined contribution plan compares with other companies like yours, particularly your competitors. Cowden works to identify appropriate peers for defined contribution plan benchmarking. Using published documents, public surveys and our own database of best-practice companies, we can give you a snapshot of current 401(k), 403(b) or 457 plan features and trends. We can also identify how your participants measure up against industry participation and contribution rates.

The Annual Tri-State Area Defined Contribution Plan Sponsor Survey

Annually, Cowden conducts The Defined Contribution Plan Sponsor Survey, which adds credible regional data to national survey numbers. Results identify areas of defined contribution plan sponsorship and participation in need of improvement as the plans emerge as America's primary retirement vehicle. The annual survey provides a baseline to measure future improvements in defined contribution plan sponsorship and participation. Along with our Tri-State Area Employee Benefits Survey, it continues to be an important benchmarking resource providing credible and dependable data that benefits both clients and participants.