I am trying to find out the industry standard for processing a Balance Forward 401(k) Plan using the following criteria:

1. About 1000 participants
2. Plan is self directed - 4 different funding companies - participants can
have as many different funds as they choose in any or all fund families.
3. Plan offers Life Insurance - about 200 participants use this provision
4. Plan offers Loans & permits re-financing - annually about 300 loans
to reconcile.
5. Contributions processed monthly.
6. Plan totally reconciled annually.

I am trying to determine what the industry would say the standard time is
to reconcile a plan of this size. Right now it takes about 120-160 man hours
just to do the financial reconciliation. Each asset for each participant must
be reconciled, then each fund family is reconciled, loans, insurance, money market cash flow account and finally all the components roll up to Balance Sheets and Income Statements. Just to enter the money market cash
entries and balance each month of cash flow takes about 12 hours. Currently the work is being done by very experienced recordkeeping individuals. The time consuming part is entering all the data and then of
course trying to reconcile out of balance positions.

Electronic downloads of fund activity have not yet been available from any
funding company - we think if we could get these the process could be
somewhat streamlined.

Any opinions anyone might offer will be gladly accepted.