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Retirement plan sponsors have a multitude of recordkeeping vendors from which to choose in assisting them with plan administration, compliance and participant education. Each potential vendor espouses a value proposition, which must be weighed in relationship to the plan’s needs, goals and objectives to determine if that particular vendor is a suitable fit.
While conducting a vendor search may seem burdensome, the benefits associated with the search make it more than worthwhile. By conducting a vendor search, plan sponsors can satisfy certain fiduciary responsibilities and optimize the plan’s benefit to its participants. Moreover, the perceived vendor search burden is significantly eased when a few simple best practices are followed.
In this presentation, we explore the benefits and best practices associated with conducting a vendor search. It concludes with three case studies that demonstrate the positive results and improvements that plan sponsors might expect from a well executed vendor search.