There is nothing wrong with being thrifty. You should never pay full price for something that you can get on a discount. Being thrifty is different from being cheap. Being cheap is about not wanting to pay for something just because you don’t want to pay for it. I know full well, the difference between thrifty and being cheap. I’m a Vice President of a synagogue and there are people who want to have inexpensive Bar or Bat Mitzvahs for their children because of budget constraints and there are those who are cheap who will spends tends of thousands on their children’s event but balk at paying the extra $250 to feed people after Synagogue services. When it comes to being a plan sponsor, there is nothing wrong with being thrifty and paying less for competent plan services. There is something being wrong with a plan sponsor being cheap especially when it’s too costly to being cheap. This is an article about when plan sponsors should avoid being cheap.