For many years, my wife didn\u2019t want to join Costco because she thought that overshopping was genetic on my side when she remembers my parent\u2019s Costco. My wife was concerned I would buy stuff we didn\u2019t need. Long story short, we re-joined and I don\u2019t buy stuff we don\u2019t need.<\/p>\n
As a plan sponsor, there are retirement plan providers who will sell you stuff that you don\u2019t need. There are a lot of great services out there that might not be even a good fit because you\u2019re already doing that. For example, if you have a great handle on your plan, you may not need an ERISA 3(16) or ERISA 3(38) fiduciary. These are great services, but they do cost money and are a waste if they\u2019re not needed.<\/p>\n
For every service or bell and whistle that a retirement plan provider is trying to sell you, it\u2019s important to understand what they\u2019re proposed to give you, what the costs are, and most importantly, is it really necessary? Often times, you\u2019ll find out that it isn\u2019t. Don\u2019t buy for your plan what you don\u2019t need.<\/p>\n
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