According to SPARK General Counsel Larry Goldbrum the guide will help simplify the vendor selection process for plan sponsors and may be used with both single and multiple vendor searches. “The guide also will enable vendors to prepare consistent responses to the requests of plan sponsors, resulting in reduced response time and more accurate evaluations,” Goldbrum said in a press release.
After hearing from SPARK members that 403(b) plan RFP volume has been high and that, in many cases, 403(b) plan sponsors have been using RFP guides that are intended for ERISA-covered plans, The SPARK Institute decided to develop a comprehensive document designed specifically for the 403(b) market, according to Goldbrum.
The RFP Guide is available at no charge on The SPARK Institute Web site – www.sparkinstitute.org/comments-and-materials.php .
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