RidgeWorth Investments has created a Web site to assist retirement plan advisors.

The site, www.planadvisortools.com, has a retirement plan benchmarking tool and other industry and educational resources that 401(k) advisors can use to help plan sponsors meet their fiduciary duty.

Meeting fiduciary duty, as defined by the Department of Labor, means that plan sponsors “should establish and follow a formal review process at reasonable intervals to decide if it wants to continue using the current service providers or look for replacements.” One way that formal review process can be met is through regular plan benchmarking.

Retirement plan advisors can use the benchmarking tool at the Retirement Plan Advisors Tools Web site to help a plan sponsor understand how its plan compares to others of similar size as well as overall across the industry; show what plan design features might now be common among its peers; and understand and evaluate the services the plan sponsor currently receives.

According to David Craig, director of Marketing for RidgeWorth, the features of Plan Advisors Tools.com are just the beginning for this Web site.

“Although we think the plan benchmarking tool is a good start to help retirement plan advisors, we’re not stopping there,” Craig said. “During 2010, we plan to add a number of interactive tools to the site, including fee benchmarking for retirement plans and benchmarking an advisor’s practice.”