Between the traditional, more expensive 401(k) advisor/broker and the independent advisor, a new class of 401(k) advisors has sprung up to serve the small plan (under $10 million) market. Access to more options puts you in a better position to find a 401(k) provider that can handle changing workplaces, stronger oversight from the Department of Labor via the fiduciary rule, and increasingly distinct employee populations (remote, millennials, near-retirees).
Your end goal with this 401(k) RFP template?
To take a look under the hood and see how well your 401(k) advisor’s team functions, how up-to-date their technology is, and how much time they’ll really put into servicing your plan. What goes without saying is the tried-and-true methods of finding a 401(k) provider through word-of-mouth referrals are a thing of the past.
Compare 401(k) Plans
Step 1: Use our 401(k) shopping checklist to determine whether the 401(k) provider you’re talking to meets your basic requirements when it comes to:
- Employee experience
- Investment help
- Plan administration
- Compliance and fiduciary oversight
Step 2: Dive deeper in your evaluation process by using this 401(k) RFP template and guide. This step allows you to learn whether each 401(k) provider’s approach to investments, fees, compliance, and employee help is the right fit for your employees.
401(k) RFP Template Overview
**Introduction: **A brief overview on how to use the 401(k) RFP template and simple goal-setting for the 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 of our answers can be found here. Use this document to determine whether ForUsAll 401(k) advisors are a good fit for your company.