Vendor RFP Assistance
ERISA fiduciaries have a duty to objectively select and monitor plan providers. A well-designed, objective decision-making process can significantly improve plan performance. The primary objective is to align vendor performance with sponsor and fiduciary goals. Plan sponsors thus provide participants with enhanced opportunities to achieve their retirement income objectives.
A formalized Request for Proposal process has been used by large organizations for years in all types of vendor selection. In today’s more rigorousry enforced and increased litigation environment, organizations of all sizes adopt and follow a formalized process for plan vendor selection. Objective criteria and evaluation ensure decision-making that’s in the best interest of plan participants and the plan.
We assist clients in all aspects of the RFP process. We design plan administrative and investment RFPs, candidate screening, response evaluation, and final selection processes. Independence and objectivity are paramount concerns during this process. Benefit Plans Plus does not sell investments and has been designed to avoid conflicts of interest that can often occur with many of our competitors. Therefore, we can either provide the tools or directly assist in the process. In either case, the client retains final decision making authority and determines our ultimate level of involvement.
Our initial task is to help each client to identify and articulate specific objectives for the process. We then assist in designing an RFP and review process which will help achieve the desired outcomes. We also assist in vendor evaluations, proposal screening and selection, and finalist interviews.
Essential Components of Vendor Search Assistance
Request for Proposal:
- Establish objectives
- Design plan
- Bid solicitation
- Process management
Vendor Selection:
- Design weighted decision-making matrix
- Evaluation of vendor responses
