Plan sponsors, advisors and consultants looking for insights into the process of preparing and evaluating requests for proposal (RFPs) for 401(k) and other defined contribution retirement plans can find help in the SPARK Institute's RFP Guide for Selecting Defined Contribution Service Providers.
The guide provides an explanation of the process, including how to determine who will be involved in choosing the services desired from a new service provider, how the proposals will be evaluated, and how the decision is made.
A broad range of information is required on both sides when an RFP is undertaken, and sponsors as well as providers need to understand the appropriate questions and responses for a successful RFP process.
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