Running a Request for Proposal (RFP) process can feel daunting. With competing priorities, multiple stakeholders, and complex compliance requirements, it’s no wonder that many HR leaders and trustees approach RFPs with hesitation.

But when executed well, the RFP is one of the most powerful tools you have for protecting your organization, ensuring fair vendor selection, and safeguarding employees’ benefits.

In a recent webinar, Mastering the RFP Process, Bill Kropkopf, President of Erisa Advisory Group, shared strategies from decades of experience helping organizations navigate vendor selection and plan oversight. This blog distills the key insights, practical advice, and proven techniques discussed in the session.

Why RFPs Matter

At its core, an RFP is a formal document issued by an organization to solicit proposals from potential vendors. But it is far more than just paperwork:

  • Encourages competition and innovation – ensures your organization benefits from the best ideas and solutions.
  • Supports fiduciary responsibility – demonstrates that fiduciaries are actively monitoring service providers and ensuring fees are reasonable.
  • Reduces risk – creates clarity on both sides of the transaction by setting expectations upfront.
  • Enables fairness and transparency – helps evaluate vendors consistently, ensuring defensible decision-making.

“An RFP is not just paperwork—it’s your roadmap to making informed, defensible decisions.”

Step 1: Plan Before You Begin

Every successful RFP starts with clear planning. Before drafting questions or contacting vendors, leaders should first define the project’s purpose and success criteria.

Ask yourself:

  • What problem are we trying to solve?
  • What are the must-haves versus nice-to-haves?
  • How will success be measured?

Engage stakeholders early in this stage. For HR leaders, that might mean collaborating with finance, legal, or plan trustees to ensure alignment. For trustees, it may involve seeking input from management and employees.

Step 2: Drafting a Strong RFP Document

A well-structured RFP lays the foundation for fair comparisons and efficient evaluation.

Best practices for drafting include:

  • Use straightforward, jargon-free language.
  • Request comparable information from all vendors. (Example: standardized fee schedules, sample reports, service-level expectations.)
  • Include both quantitative and qualitative questions—numbers matter, but so do cultural fit and service philosophy.

Think of the RFP as a blueprint: clear, precise, and designed to give you the information you need to make an informed decision.

Step 3: Streamline the Process with Smart Techniques

One of the frustrations leaders face is the time an RFP can consume. Fortunately, there are proven techniques to simplify the process without sacrificing rigor:

  • Create a scoring system in advance – Develop criteria and weightings before reviewing responses to avoid bias.
  • Standardize responses – Provide templates or tables for vendors to complete, ensuring apples-to-apples comparisons.
  • Set realistic timelines – Allow vendors enough time to prepare strong proposals but keep the process moving to maintain momentum.

“Define success before you draft the first question—clarity upfront drives better results.”

Step 4: Evaluate with Rigor and Fairness

Once proposals are in, the real work begins. Evaluation should be structured, transparent, and tied directly to your planning stage.

Considerations during evaluation:

  • Involve a diverse review team to reduce bias.
  • Score independently before group discussions.
  • Focus on both cost and value—lowest price isn’t always the best option.
  • Document the rationale for decisions to strengthen defensibility.

This step is where your preparation pays off. With clear scoring criteria and standardized responses, the evaluation process becomes more efficient and trustworthy.

Step 5: Build Trust Through Transparency

For HR leaders and trustees, the RFP process is not just about vendor selection—it’s also about building trust. Employees and plan participants want to know that their best interests are protected.

Transparency in the RFP process signals integrity. Share why certain vendors were selected, how fees were benchmarked, and what safeguards are in place. This openness strengthens both employee trust and fiduciary defensibility.

“A structured RFP process is one of the best safeguards for HR leaders and trustees.”

Time-Saving Tips

  • Reuse templates from past RFPs, updating them to current needs.
  • Keep a library of common questions and vendor data points.
  • Leverage scoring matrices to speed up evaluations.
  • Build timelines with clear milestones to keep projects on track.

Final Thoughts

The RFP process doesn’t have to be a burden. With careful planning, structured evaluation, and a commitment to transparency, leaders can transform RFPs into tools that drive value, protect fiduciaries, and ultimately strengthen benefit programs.

Bill Kropkopf summed it up best in the webinar:

“The best RFPs save time, build trust, and deliver real value for employees and plan participants.”

By mastering the RFP process, HR leaders, benefits managers, trustees, and business decision-makers can ensure that vendor relationships aren’t just compliant—they’re strategic assets for the entire organization.

Ready to take the next step in strengthening your RFP process?

To learn how we can support your next RFP or vendor review.