The decision to employ an Electronic RFP service is not an easy one. Seeking and receiving assistance in areas such as 401(k) Plan Services, Administration, Communications or Investments is time-consuming for any retirement plan trustee or committee member. There are also considerable expenses associated with using an electronic RFP service in the form of cost and time. So how does a plan fiduciary utilize such services to receive the most benefit?
Plan sponsors who are aware of what type of assistance they need – before approaching the Electronic RFP Service provider – will be best positioned for success when employing such services. The first-time electronic RFP services users will struggle with – What are the most popular 401(k) services? What size organizations utilize Electronic RFP services? What scoring methods should our firm consider when ranking the choices?
Most important for the plan fiduciary is “What services will not be covered by the Electronic RFP? If there are fiduciary services, tools or relationships that are being delivered via the Electronic RFP, then the plan sponsor must learn the start-stop point of a fiduciary nature. If there is a point at which the fiduciary services being purchased are not included in what is being purchased, then the buyer needs to be aware if that point. The Electronic RFP services can be a valuable tool and a helpful service.
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