What should be included in a comprehensive review of retirement plan services risk management?

A comprehensive review of retirement plan services risk management should indeed include the assessment of external contractors. This is crucial as external contractors may provide essential services such as investment management, compliance, and administrative support. Evaluating these contractors helps to ensure they meet regulatory standards, fulfill their contractual obligations, and align with the plan's overall objectives. This assessment involves scrutinizing their financial stability, the quality and reliability of their services, and their ability to adhere to compliance requirements. By effectively managing risks associated with external contractors, a retirement plan can better safeguard the benefits promised to its participants.

While employee feedback, competitive market data, and brand reputation are important elements in understanding the overall environment in which a retirement plan operates, they do not specifically address the operational and compliance risks posed by external service providers. Evaluating these contractors directly impacts the stability and integrity of the retirement plan.