Retirement & Actuarial Services

Vendor Request for Proposal (RFP) Process

If you are contemplating switching your retirement plan vendor, you face a myriad of provider and service offerings. How do you decide which one makes the most sense, and which is best suited to your organization's and your employees' needs? We can help you sort through the available options in the market, to identify the most robust and cost-effective programs through a detailed RFP process.

Which vendor can best meet your needs?

We start by reviewing your goals and objectives as well as defining what you are seeking in a new provider. Based on our initial needs assessment, we will develop an extensive custom questionnaire and distribute it to a list of vendors, which we mutually develop, who can provide the best value for your employees. Responses address topics such as investments, fees, expenses, compliance, recordkeeping, communication and education. Meanwhile, we screen providers' depth and breadth looking for "fit" in terms of your plan's asset size, plan provisions and fund offerings.

The Evaluation Process

After we review and analyze the questionnaire responses, we provide your board/committee with a comprehensive report suggesting which vendor's fiduciaries should meet for finalist presentations. We will perform an in-depth investment review of the proposed investment options, beginning with manager tenure, quality ratings, style drift, returns against benchmarks and other technical measures. Either onsite or offsite, we will probe further with the finalists to discuss such areas as:

Expenses
Administrative services and processing capabilities
Outsourcing services
Communication and education
Other areas defined by the plan sponsor

If appropriate, we will negotiate with the finalist candidates to achieve more favorable terms than the original offer, including pricing, plan features and any other opportunities.

Presentation

Depending on your needs, we will produce and deliver a formal presentation to your board/committee. This will cover an overview of the RFP process, as well as description of the rationale behind the selection of the winning vendor. It will typically include a description of the improvements and advantages of the new vendor over the current one.

Implementation

Once you have chosen the most suitable provider, we will work with you to establish detailed timelines, and communicate it to employees. We will assist in scheduling meetings, as required, so the vendor can conduct on-site group and one-on-one participant meetings to help explain the changes. And, if desired, our compliance services department can ensure that your plan is in line with regulatory standards. We can also assist in reviewing vendor contracts to ensure that features and pricing committed to during the RFP process are properly instituted.