A Request for Proposal, or RFP, is a document used to solicit project outlines and quotes from vendors who provide services to a Health & Welfare or Qualified Retirement Plan.
Proposals from a variety of service providers are then compared and assessed for quality of service, and reasonableness of fees.
Why Do You Need To RFP For Your Plan?
The RFP Process is necessary for managing your ERISA plan for two major reasons:
- Having an apples-to-apples comparison of service options allows you to select the vendor that will best suit the needs of your plan.
- Requires that you prudently select the best ERISA fiduciary services for plan participants & beneficiaries while ensuring that the fees being paid out by the plan are reasonable.
When conducting the RFP Process for your organization’s Health & Welfare Plan or Qualified Retirement Plan, we take the following actions:
- Prepare the Request For Proposal (RFP) document outlining the project requirements for service providers to bid on
- Select service providers to include in the RFP that will provide proposals for a competitive selection process
- Review proposals and select the best deal that meets the criteria of the RFP at the most reasonable price
Get The Best Prices For Plan Participants & Beneficiaries, While Staying ERISA Compliant
Every business that offers Health & Welfare or Qualified Retirement Plans to employees has a fiduciary responsibility to put plan participants and beneficiaries first.
A large part of this duty involves checking the marketplace to find the best service providers for your plan, at a reasonable price. Doing so will allow you to offer the strongest plan possible to employees while keeping costs at a reasonable level as required by ERISA.
WARNING: If you are found to be paying fees with plan assets that the Department of Labor deems “unreasonable”, they will have to be paid back to the plan in addition to lost earnings and an excise tax. Plan Sponsors and Fiduciaries are held personally liable for these penalties.s prudent experts in Health & Welfare and Retirement Planning, we will work to ensure your ERISA plan is both strategically-designed and legally compliant. With over 25 years of experience managing ERISA plans, we have designed and implemented every type of plan for self-insured and fully-insured organizations, as well as all types of retirement plans.
Contact ERISA Advisory Group For RFP Management
Do you need help managing the RFP Process for your Health & Welfare or Retirement Plan? ERISA Advisory Group offers comprehensive ERISA compliance services and RFP Management.
Contact ERISA Advisory Group to speak with our ERISA compliance advisors and learn more about our RFP Services.