Family Business Succession Planning

How to Run a Request for Proposal (RFP) for Your 401K

Properly maintaining the company 401K can be a monumental task for the plan sponsor. Following these simple steps should make your job much easier. To begin with, a Request for Proposal (RFP) should be done every three years in order to ensure that your current plan is both competitive and the platform is up to date given the current 401K landscape. The RFP process should describe the company’s objectives; help answer any questions and set expectations for the candidate vendors. This process lays the foundation to help identify the best 401(k) provider for your business and its employees.

Step One: Form a Committee

Step Two: Formulate your Goals and Objectives

Step Three: Create the Request For Proposal

Step Four: Review and Score the RFP Responses

Step Five: Interview and Choose your Vendor

Step Six: Conduct a Productive Review

Or, Outsource the Entire RFP Process to an Independent Advisor