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 22, 2013
Russell Expands DC Team
Russell Expands DC Team
May 22, 2013 (PLANSPONSOR.com) - Russell Investments is further expanding its institutional defined contribution (DC) team with the appointments of Holly Hollub-Verdeyen and Kevin Knowles.
PLANSPONSOR staff
editors@plansponsor.com
Hollub-Verdeyen joins Russell as dire
May 22, 2013
Unified Trust Hires Retirement Investment Analyst
Unified Trust Hires Retirement Investment Analyst
May 22, 2013 (PLANSPONSOR.com) – Unified Trust Company hired Andrew Windsor as a retirement investment analyst.
Kevin McGuinness
editors@plansponsor.com
Windsor will oversee the analysis, selection and monitoring of Employee Retirement Income Se
May 21, 2013
T. Rowe Price Names Head of International Fixed Income
T. Rowe Price Names Head of International Fixed Income
May 21, 2013 (PLANSPONSOR.com) – T. Rowe Price International Ltd named Arif Husain head of international fixed income.
Kevin McGuinness
editors@plansponsor.com
In this role, Husain will lead the firm’s international/global fixed income inve
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