E.F. Heagen & Associates

(949) 487-6711

Vendor Request for Proposal

If you are thinking about switching your retirement plan vendor/recordkeeper, you and your Associates face a dozens of provider and service offerings. How do you decide which one makes the most sense, and which would best meet your organization's and your employees' needs? We can help you sort through the available options in the market, to identify the most appropriate and cost-effective programs through a detailed RFP process.

If you are thinking about switching your retirement plan vendor/recordkeeper, you and your Associates face a dozens of provider and service offerings. How do you decide which one makes the most sense, and which would best meet your organization's and your employees' needs? We can help you sort through the available options in the market, to identify the most appropriate 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 review providers' experience and product history looking for "fit" in terms of your plan's asset size, plan provisions, fund offerings and any other requirements you may have.

The Evaluation Process

After we review and analyze the questionnaire responses, we provide you with a comprehensive report suggesting which vendor's should be considered 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. We then will probe further with the finalists to scrutinize such areas as:

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

Presentation

Depending on your needs, we will propose that we produce and deliver a formal presentation to you and your Associates. 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 versus the in-force recordkeeper.

Implementation

Once you have chosen the most suitable provider, we will work with you to establish detailed timelines, and communicate that timeline 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. We can also assist in reviewing vendor contracts to ensure that features and pricing committed to during the RFP process are properly instituted.

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 review providers' experience and product history looking for "fit" in terms of your plan's asset size, plan provisions, fund offerings and any other requirements you may have.

The Evaluation Process

After we review and analyze the questionnaire responses, we provide you with a comprehensive report suggesting which vendor's should be considered 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. We then will probe further with the finalists to scrutinize such areas as:

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

Depending on your needs, we will propose that we produce and deliver a formal presentation to you and your Associates. 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 versus the in-force recordkeeper.

Implementation

Once you have chosen the most suitable provider, we will work with you to establish detailed timelines, and communicate that timeline 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. We can also assist in reviewing vendor contracts to ensure that features and pricing committed to during the RFP process are properly instituted.

 
 

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