Our team of attorneys, accountants, plan administrators, and consultants will help you perform the due diligence you need to find the right plan administrators, custodians, trustees, and investment advisors for your retirement plans to fulfill your fiduciary responsibilities as defined by ERISA.Help developing an rfp and analyzing the responses
They will help you develop requests for proposals (RFPs) for the service providers, as well as criteria to evaluate the proposals. They will analyze proposals, identify unique features and limitations, verify that the proposed fees and expenses are in line, and that the providers are insured against losses resulting from fraudulent/dishonest acts.
You can depend on our experienced consultants to provide insights into the quality of customer service and par¬ticipant education that various service providers offer. They also will check with state and federal authorities to confirm the providers have up-to-date licenses and no pending complaintsDocumenting your selection process so you can answer questions from the EBDA
Most importantly they will memorialize a proven selection process so that you will be able to answer questions from the Employee Benefits Security Administration (EBSA). Questions like:
- What criteria are used to select the advisors, providers, administrators, and underlying investments?
- How are advisors, providers, and administrators being paid?
- What fee-sharing arrangements or reimbursement relationships exist between the investment companies and your advisors, providers, and administrators?
- What services are the participants or you paying for?
- How do you monitor the reasonableness of the fees being charged?
- What documentation exists supporting your vendor selection conclusions?
Besides meeting ERISA requirements for higher levels of transparency, ad¬equate due diligence, and procedural prudence, our selection process will give you confidence that your chosen vendors will meet the performance criteria you’ve set for your plans while meeting your fiduciary duties.
In most cases our process saves money and increases services for the plan.
Excerpts from Tips for Selecting and Monitoring Service Providers for your Employee Benefit Plan, a publication of the Employee Benefits Security Administration:
“. . . selecting competent service providers is one of the most important responsibilities of a plan sponsor.”
“Prepare a written record of the process you followed in reviewing potential service providers and the reasons for your selection of a particular provider. This record may be helpful in answering any future questions that may arise concerning your selection.”