When to Conduct an Recordkeeper RFP: Timing is Everything (Sort Of)
Hey there, small business owners, retirement plan sponsors and HR pros! Let's talk about everyone's favorite topic: Request for Proposals (RFPs) for Retirement Plan Recordkeepers. You know you need to make changes, but the process of solicitating and analyzing that change… What a major headache.
So, you might be wondering, when's the best time to kick off an RFP process? Well, the truth is, there's never really a bad time.
New Year, New RFP: Ah, the start of a fresh new year. It's like a blank canvas just waiting to be filled with exciting possibilities, like finding the perfect retirement plan provider. Plus, what better time to set some ambitious, achievable goals and shake things up a bit? Plus, if you're have a plan where the plan year is a calendar year, you're about to get as in the weeds with your current recordkeeper as you will in any other part of the year, submitting the census for the upcoming Non-Discrimination Testing period. Didn't feel you got the service or the answers you were looking for? Good time to make a note of that experience.
Tax Time/Spring Cleaning RFP Shuffle: Tax season is upon us, and while you're busy crunching numbers and gathering receipts, why not take a moment to review your retirement plan partner experience? It's the perfect time to ensure you're maximizing your plan's tax benefits and making the most of your company's financial resources. Since tax time leads naturally in spring cleaning season, it may be the perfect time to clean house and consider a provider better aligned with your current plan needs.
Summer Lovin' & DOL Form 5500 Deadlines RFP Style: Ah, summer – the season of sunshine, relaxation, and... RFPs? Sure, why not? With the slower pace of work and people generally in a more laid-back mood, summer could be the perfect time to dive into the RFP process without feeling overwhelmed. As you look to head into the lazy, hazy, dog days of summer, don't forget that July 31st is the deadline for the Department of Labor's Form 5500 Filing (and Audit submittal if needed). Was your provider a partner in preparing that 5500. Did you audit team easily get everything they needed, or was it a bit of battle getting things to completion.
Back-to-School RFP Bonanza: As the kids head back to school and the hustle and bustle of fall kicks in, why not add an RFP into the mix? Maybe you prefer as the office gets 'back-to-normal' in the fall and you don't have to work around everyone's vacation schedule. Or, you work better when you have competing priorities on your calendar to make you more efficient. It could be a back-to-school gift to yourself – the gift of finding the best retirement plan provider for your company.
Holiday Cheer RFP: Who says the holidays are just for eggnog and ugly sweater parties? Why not spread a little holiday cheer by starting your RFP process? After all, 'tis the season for giving – and finding the perfect retirement plan provider is the gift that keeps on giving.
But hey, let's be real – there's never a bad time to conduct an RFP. Whether it's January or July, tax time or back-to-school season, the most important thing is that you're taking proactive steps to ensure you have the best retirement plan provider for your company and employees.
When partnered with a specialized Retirement Plan Advisor, what does a recordkeeper provider RFP entail? Whether as part of an ongoing advisory relationship or as a consulting project relationship, we can help make your RFP, at any time of the year, a painless experience.
We'll work with you to understand your plan's (or prospective plan's) pain points, priorities, and make-or-break personal criteria. In a universe of several dozen national sized recordkeepers, and many more without a national footprint, we'll utilize our experience in the marketplace to assist in making the first round of selections. We know who you want to work with, depending on your shared priorities.
From there, we'll do the bulk of the initial exploratory work. We'll solicit pricing bids, understand programs and integrations, and we'll sort and provide to you the next set of selections based of analysis of the information received.
We'll provide a report to you of the information shared from the potential recordkeeping providers for your fiduciary files. Depending on how you would like to conduct an RFP, either a decision can be made at this point in time, or if your organization would like to conduct finalist presentations, we'll coordinate on your behalf. Give us a block of time, and the number of finalists you would like to see present and we'll get everything scheduled and on your calendars.
On the day of, we'll be present to guide you through analyzing and evaluating the information shared during the presentations. We'll seek out any outstanding questions or concerns. We'll communicate on your behalf to your future provider and any providers not selected. We'll prepare you to begin the transition process.
So go ahead, pick a time – any time – and let the RFP fun begin! Who knows, you might just find the retirement plan provider of your dreams.
Don't be anxious of finding a time that makes sense for your organization to conduct a recordkeeping provider RFP. Lean on and collaborate with a specialized Retirement Plan Advisor who can assist in managing and running the RFP process for you. This can be done in an existing and ongoing advisory relationship, or as one-time project engagement. If you're looking for a Retirement Plan Advisor to help you start or manage your retirement plan, email us today, Christina.Tunison@lpl.com.
This information is not intended as authoritative guidance or tax or legal advice. You should consult your attorney or tax advisor for guidance on your specific situation. In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.
#576799 May2024