Rates

Understanding Our Fees

We believe in a value-driven pricing approach, which reflects the experience, expertise, and qualifications of the consultants involved in service delivery. Some of Spectrum's fees for routine services or for certain consulting assignments are priced as a fixed budget or are based on unit charges (ex. number of employees, number of participants, amount of assets, etc.) With respects to ongoing retirement plan services, we also believe in pricing simplicity: less complex retirement plans should have lower costs. Complexity or additional plan features will incur higher costs due to increased administration, compliance, and/or recordkeeping requirements. Some examples include:

  • Employer Characteristics: Controlled groups, multiple payroll schedules, non-corporate entities, participating employers, etc.
  • Plan Design: New comparability compliance requirements, Non-safe harbor plans, etc.
  • Plan Features: Brokerage windows, Investment Models, Non-FDIC insured capital preservation options, etc.

Thankfully, many of these factors are within the control of plan sponsors, allowing for value-driven decisions of the benefits versus costs. Spectrum’s consultants collaborate with plan sponsors and advisors, recommending plan designs and features that meet your objectives, while ensuring economical plan operations. Please contact us for personalized consultations to explore cost-effective solutions for your retirement plans.

Below is a breakdown of rates and fees by category:

Standard Rates

Standard hourly rates and day rates are based on the experience, expertise, and qualifications of the individual delivering the services. Some Spectrum staff members are licensed to practice and represent clients before the U.S. Treasury Department and U.S. Department of Labor. Spectrum’s hourly rates range as follows:

Staff Member Category Hourly Rate Range Day Rate Range
Associate Consultant $120 to $190 $900 to $1,500
Consultant $190 to $250 $1,500 to $2,000
Managing Consultant ​$250 to $310 $2,000 to $2,400
Director $280 to $340 $2,200 to $2,700
Managing Director ​$310 to $360 $2,400 to $2,800

Specialized and Extraordinary Services

Unless otherwise agreed to by the Parties in writing, any specialized, extraordinary or non-routine services shall be performed by Spectrum at its Standard Hourly Rates. Examples of specialized services including minimum charges are as follows:

Activity Contract Administration Recordkeeping Bundled
(Contract Administration + Recordkeeping)
Government Audit Minimum $1,000 $1,000 + Government Fee (if applicable) $1,000 + Government Fee (if applicable)
IQPA Audit Fee Large Plan Minimum $2,000 $2,500 $2,500
Compliance Resolution - Self Correction Minimum $500 $500 $500
Compliance Resolution - Voluntary Correction Minimum $1,000 $1,000 $1,000
Multiple Contribution Calculations and Illustrations Minimum $200 per Illustration $200 per Illustration $200 per Illustration
Custom Reporting Minimum $150 $150 $150
Payroll Integration Minimum $149 per quarter $149 per quarter $149 per quarter
Payroll Data Entry Minimum $50 per payroll deposit $50 per payroll deposit $50 per payroll deposit
Late Deposit Correction Minimum $200 per deposit $200 per deposit $200 per deposit
Trustee or Authorized Signer Update Minimum $250 $250 $250
Annual Administration and Form 5500 Rush Fee Minimum* $250 $500 $500

*Rush fee may apply when client data is submitted more than 6 months after the end of the plan year or when reports or Form 5500 must be prepared in less than 30 days from the date we received the necessary client data.

Plan Optional Features and Recurring Service Fees

Unless otherwise agreed to by the Parties in writing, any plan optional features and recurring service fees shall be billed as follows:

Plan Feature or Service Contract Administration Recordkeeping Bundled
(Contract Administration + Recordkeeping)
Brokerage Window Platform Fee for Plans with less than $2M in core assets N/A $195 per quarter $195 per quarter
Investment Model Platform Fee for Plans with less than $2M in core assets N/A $195 per quarter $195 per quarter
Limited Scope 3(16) Form 5500 Concierge Services for 5500-SF Filers $59 per quarter $59 per quarter $59 per quarter
Non-FDIC capital preservation designated investment alternative N/A 0.5 basis points per quarter 0.5 basis points per quarter
Unsafe Harbor Plan Compliance $195 per quarter $195 per quarter $195 per quarter

Plan Optional Ad Hoc Service Fees

Unless otherwise agreed to by the Parties in writing, plan optional ad hoc service fees shall be billed as follows, after the plan's compliance cycle:

Plan Service Fee Contract Administration Recordkeeping Bundled
(Contract Administration + Recordkeeping)
Custom Compensation Definition Compliance Service Fee $390 $390 $390
New Comparability Plan Compliance Service Fee $490 $490 $490
Self-Employment Earnings Calculation Compliance Service Fee $390 $390 $390

Plan Document Rates

Clients may request Plan Document Support from Spectrum. As these services are out of scope and requested by Clients and Plans, fees are generally allocated to the requesting party, unless separately agreed with Clients. Document Support rates vary according to Spectrum's contracted plan management engagement level with each Client.

Activity Contract Administration Recordkeeping Bundled
(Contract Administration + Recordkeeping)
Plan Document Restatement Minimum $1,250 $1,250 $1,250
Plan Document Amendment Minimum $500 $500 $500
Plan Notice Minimum $150 $150 $150
Plan Document Origination Minimum, Defined Contribution Plan $1,500 $1,500 $1,500
Plan Document Origination Minimum, Defined Benefit Plan $2,000 $2,000 $2,000

Plan Participant Account Transactions

Workplace retirement plans may make available to participants a broad range of features and additional services. As such features and services are requested by participants, fees are generally allocated to the requesting participant's account, unless separately agreed with Clients. Participant account transaction rates vary according to Spectrum's engagement level with a Client.

Transaction Type Contract Administration Recordkeeping Bundled
(Contract Administration + Recordkeeping)
Financial Hardship Withdrawal* $120 $100 $100
In-Service Distribution* $100 $100 $100
Participant Loan Maintenance, per loan, per quarter $0 $15 $15
Participant Loan Origination* $90 $90 $90
Domestic Relations Order Processing* $750 $750 $750
Termination Distributions* $150 $150 $150

* Transactions requiring third-party payment processing may incur additional cashiering or processing charges.

Plan Service Contract Termination Charges

Plan Sponsors may terminate contracts with plan service providers, or may terminate employer-sponsored retirement plans. As these services are out of scope and requested by Clients, fees are generally allocated to the requesting party, unless separately agreed with Clients. Termination rates vary according to Spectrum's contracted plan management engagement level with each Client.

Description Contract Administration Recordkeeping Bundled
(Contract Administration + Recordkeeping)
Termination Fee Small Plan (DOL Definition) Minimum $1,000 $1,000 + Custodian Termination Fee (if applicable) $1,000 + Custodian Termination Fee (if applicable)
Termination Fee Large Plan (DOL Definition) Minimum $2,000 $2,000 + Custodian Termination Fee (if applicable) $2,000 + Custodian Termination Fee (if applicable)