PlanSponsor.com has teamed up with Watson Wyatt Investment Consultants to release 401(k) Pathfinder, an online manager search service for defined contribution plans, said Charles Ruffel, PlanSponsor CEO. Sponsors will not incur any fees, but managers will pay $20,000 annually to be in the services database, plus pay a fee per search that will be based on the size of the plans assets and the number of finalists in a search, according to P. Cosmo Smith, senior vice president at PlanSponsor.
As part of the deal, sponsors who sign on will receive consulting services from Watson Wyatt. "The amount of time they get will be based on the size of their plan. A $100,000 plan would get 25 hours, for example, said Greg Metzger, director of defined contribution consulting at Watson Wyatt.
The new product is scheduled to be rolled out within a few weeks.