401(k) Vendor & Third Party Administrator Proposals, Evaluation & Implementation
After thoroughly discussing your plan design, we will start the RFP (Request for Proposal) process to search for the most competitive vendors and TPA’s (Third Party Administrators).
We sit on your side of the negotiating table to walk you through the RFP process, manage the flow of information, analyze and review proposals, and guide you in making an informed and knowledgeable decision.
When considering a provider change, most plan sponsors have a similar destination: to identify the provider that has the highest likelihood of providing excellent services to both sponsor and participants. The difficulty most plan sponsors face is identifying which providers should be considered and then consistently comparing services and pricing. We understand these challenges.
We know which vendors provide proven, cost-effective products, and which do not. We know which vendors deliver superior customer and participant-related support services, and which do not. We know which TPA’s are competitive and provide great service. Most importantly, we know what works and what makes a company’s 401(k) program successful, and what does not.
We provide complete RFP management for our clients, which includes:
- Selecting vendors whose clients match your profile.
- Comparing proposals based on 350 different components.
- Comparing pricing based on administrative costs to sponsor and/or participants as well as investment expense.
- Managing the conversion process if a new vendor is selected.
By using a defined RFP process, plan sponsors will be confident that they have considered the necessary information and have made a sound decision with guidance that is unbiased and without conflicts of interest.