The formal Request for Proposal (RFP) process can be a cumbersome and lengthy process that many plan sponsors dread, but it is an essential best practice for plan fiduciaries to follow on a regular basis. Many aspects of the RFP process are crucial to successfully selecting a recordkeeper, attaining competitive value for services, and executing and maintaining a successful contract.

This session will explore the following considerations in developing and executing a successful RFP and resources that can be leveraged to assist in this process:

  • Understanding procurement guidelines, laws, and processes, and leveraging in-house procurement professionals
  • Reviewing contract terms and investment liquidity restrictions
  • Hiring an outside plan consultant to assist with the process
  • Understanding what recordkeepers are looking for and providing the necessary clarity to be able to drive a competitive and robust proposal
  • Dissecting the RFP components and understanding valuable and essential data sets (e.g., project overview, scope of work, minimum qualifications, investment, administration, cost questionnaires)
  • Developing a comprehensive RFP timeline
  • Understanding the evaluation process and finalist interview presentations
  • Understanding contract negotiations: What can be negotiated and fine-tuned
  • Navigating through the transition process to a new recordkeeper from start to finish
  • Developing an effective communication plan to trigger participant engagement
  • Understanding the protest process and how to build processes to defend the outcome

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  • September 9, 2019 Create Date
  • January 8, 2020 Last Updated
Fees and the RFP Process