Rates

Understanding Our Fees

Like many professional firms, Spectrum's fees are based on the amount of time and effort required to provide a particular service, as well as the experience, expertise, and professional qualifications of each staff member delivering various aspects of the service.

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.).

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 8 months after the end of the plan year or when reports or Form 5500 must be prepared in less than 30 days from date we received the necessary client data.

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)