The Request for Proposal or RFP, as it is affectionately termed (the Request for Information, or RFI, is generally a shorter, more-succinct version of the RFP), is quite literally your best chance to quantify your plan's service needs and desires, as well as the ability of selected providers to fulfill those needs. In many cases, you are hiring a fiduciary for the plan, and your decision can have a bottom line impact to the plan—and legal liability for you.
Generally speaking, the request for proposal is a series of questions posed by the plan sponsor (or their agent, such as a consultant) to a service provider. It is your best opportunity to gain a sense of how potential providers' capabilities match up with your needs and desires.
The RFP is to the provider search process what the job description, resume, and job application are to the hiring process. Of course, there is still the interview, but this opens the door.
The process of putting business out for bid will take time, incur costs, and probably add stress to your already stressful duties. On the other hand, the process can hone your expertise and greatly benefit your plan, your employees, and your bottom line.
May 17, 2013
Fidelity Provides Mobile Access to Accounts
Fidelity Provides Mobile Access to Accounts
May 17, 2013 (PLANSPONSOR.com) – Fidelity Investments has introduced its NetBenefits Smartphone application.
PLANSPONSOR staff
editors@plansponsor.com
Available across various platforms—including iPhone and iPod touch devices, Android phones, and
May 15, 2013
Plan Sponsors Use Social Media for Provider Data
Plan Sponsors Use Social Media for Provider Data
May 15, 2013 (PLANSPONSOR.com) – More plan sponsors are embracing social media to access plan-relevant information from multiple sources, a new study found.
Kevin McGuinness
editors@plansponsor.com
The “4th Annual Retirement Planscape 2013” study
May 14, 2013
Tegrit Group Names Vice President
Tegrit Group Names Vice President
May 14, 2013 (PLANSPONSOR.com) – Third-party administrator (TPA) Tegrit Group has named Paula M. Lewis as vice president of Retirement Plan Services.
Kevin McGuinness
editors@plansponsor.com
In this new role, Lewis will oversee the Defined Contribution, Technic
May 14, 2013
Guardian Retirement Adds Regional Sales VPs
Guardian Retirement Adds Regional Sales VPs
May 14, 2013 (PLANSPONSOR.com) – The Guardian Insurance & Annuity Company, Inc. has named Michael Fennessy, John Jennings and Jonathon Matson as regional vice presidents of Retirement Plan Sales.
Kevin McGuinness
editors@plansponsor.com
Fennessy w