Ready to start shopping around for 401(k) providers for your business? Get this 401(k) RFP template to make your evaluation process easier.
Looking to save time and make your 401(k) RFP (request for proposal) process easier? You’ve come to the right place!
We put together a comprehensive, easy-to-use 401(k) RFP Template to save you time and allow you to easily compare providers side-by-side.
This template includes the questions you need to ask, as well as editable fields for the provider to write their answers, so all you need to do is send it to the provider and then wait for the responses to roll in.
Introduction: a brief overview on how to use the 401(k) RFP template and simple goal-setting for the 401(k) RFP process.
401(k) RFP Template: an editable PDF that can be sent to any 401(k) provider you’re evaluating. Simply send potential providers the form with a few details about your company filled in. On average, companies will give 401(k) providers 2-3 weeks to complete the RFP.
ForUsAll 401(k) RFP Answers: We’ve completed the same 401(k) RFP template already, and all our answers can be found here. Use this document as a basis of comparison for other providers, and to see if ForUsAll’s 401(k) solution is a good fit for your company.
There’s a little more that goes into a good 401(k) RFP than just using our template. This process can be quite extensive for some companies, but for the sake of simplicity we’ve broken it down into a couple short steps:
There are a lot of different providers in the 401(k) market, each of them with differing and oftentimes complex offerings. It can be hard to know which is the best for your business. So your best bet is to build as large a list as possible to submit your 401(k) RFP to, and then whittle down from there. Use this detailed blog post on small business 401(k) providers on the market today to get started.
Once you’ve built your list of potential service providers, it’s time to issue your RFP. Your RFP should include the following:
**1. Timeline & Due Dates: **
2. Information About Your Company
You’ll want to include some good details about your company, so the provider can tailor their responses to your specific needs. This includes things like…
Our 401(k) RFP template has editable fields for you to fill in much of this information.
3. Questions for Providers to Answer
You’ll want to make sure these questions inspire thoughtful answers that’ll give you insight into how the providers differ on the attributes that are important. Our retirement plan RFP template asks a full complement of targeted questions, with editable fields for service providers to write their answers.
Once you’ve collected the responses, you’ll want to whittle the list down to a shortlist of promising providers for you to investigate further. This may take some time depending on how large your initial list of plan providers was, but here are a couple things you should look at first to whittle your list down faster:
Once you’ve whittled down your list, it’s on to the final stage. Set up meetings with each of the providers that made your shortlist, so you can drill further into their services and learn which may be the best provider for you.
Give your employees more than just a 401(k), join the movement.
