I’ve been long in this business to remember no participant websites, so I’m amazed by technological breakthroughs. Artificial Intelligence (AI) tools BenchMine is billed as the first-ever AI 401(k) comparative analysis tool that’s free and open to the public.
Plan advisors can now search through more than 56,000 plans with at least $1 million in total assets nationwide to see how particular company 401(k) plans stack up in their area, against a competitor, or within a specific industry. The tool will allow them to show plan sponsors where the plan excels and/or falls short in terms of average fees, contributions, and performance. The tool draws on Department of Labor 401(k) data from companies that filed a Form 5500 Schedule H for 2021.
