401(k) RFP Template

401(k) RFP Template

Your Guide to Choosing the Best Retirement Plan Advisor

5 min read

401(k) RFP Template: Evaluate Top 401(k) Plan Providers Today

Evan Ross
June 17, 2024
401(k) RFP Template: Evaluate Top 401(k) Plan Providers Today
Table of contents

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.

What’s Included in this 401(k) RFP Template?

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.

Get our 401(K) RFP template

Retirement Plan RFP Process for Plan Sponsors

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:

Step 1: Generate a List of Potential 401(k) Service Providers

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.

Step 2: Officially Issue RFP

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:

  • Intent to Bid Due Date
  • Pre-Response Question Due Date
  • Response Submission Due Date
  • Final Decision Date

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…

  • Current recordkeeper/TPA
  • Payroll provider
  • Plan assets
  • Number of participants
  • Current participation rate
  • Current deferral rate
  • Employee demographics

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.

Step 3: Compare Responses

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:

  • Expertise: the plan provider’s expertise serving small plans versus large ones
  • Plan Administration: do they handle additional plan administration duties beyond recordkeeping services? Do they send notices like quarterly participant statements, or do they have an online storage system for plan documents?
  • Investment Options: how extensive is their selection of investment funds? Are they compensated by any mutual funds via revenue sharing?
  • Employee Experience: do they provide call center services, investment advice, or a good participant website interface?
  • Sponsor Experience: how useful is their plan sponsor website?
  • Compliance: will they help you meet your fiduciary obligations, as laid out by ERISA? Will they keep well documented records to assist you in the event of a Department of Labor audit?
  • Fees: how much do they charge for their services? Is it an asset-based fee, a per-participant fee, or an annual flat fee?

Step 4: Make Your Final Selection

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.

401(k) RFP Template
Your Guide to Choosing the Best Retirement Plan Advisor
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Evan Ross
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This material has been prepared for informational and educational purposes only and should not be construed as a recommendation by ForUsAll, Inc., its affiliates or employees (collectively, “ForUsAll”)  to activate a cryptocurrency window or invest in crypto.  Investing in crypto can be risky and investors must be able to afford to lose their entire investment.  You should consult with your own advisers before activating a cryptocurrency window or investing in crypto.  ForUsAll does not provide legal, tax, or accounting advice. Please refer to your Plan's fee disclosure for more details.© 2023 ForUsAll, Inc. All rights reserved.
1 Schwab 2022 401(k) Participant Study - Gen Z/Millenial Focus, October 2022.
2 As of 12/31/2022. Employees include both current employees and terminated participants with a balance.
3 "Morgan Stanley At Work: The Value of a Financial Advisor" Morgan Stanley, March 2022.
4 Sarah Britton was a client when she provided this testimonial through an independent third party review website. She received no compensation for her remarks. There are no known conflicts of interest in the provision of her comments related to the services provided.