Vendor Selection - 401k & Retirement Plans
Retirement plan sponsors and fiduciaries have duties under ERISA, which requires that fees charged to participants, such as 401(k) investment and administration fees, be known, approved, and at all times reasonable. One way to demonstrate due diligence under ERISA is by going through vendor selection. Our independent 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.
We'll help you develop requests for proposals (RFPs) for the service providers, as well as criteria to evaluate the proposals. We'll analyze the 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.