The Client engaged the Multnomah Group to assist them with a recordkeeping vendor search for their existing 401(k) plan. The Client’s primary objectives were to improve overall service levels to their plan, achieve a best-in-class investment array, and control plan costs.
Working with the Client, the Multnomah Group developed and distributed a custom Request for Proposal to 10 potential vendors, including the incumbent vendor. Each bundled services proposal was carefully evaluated according to 11 categorical metrics, which were weighted according to the Client’s search objectives. The categorical evaluation metrics were experience and reputation, client service model, client service levels, technology, education and communications, call center and voice response system, administration, regulatory services, implementation process, investments and fees. The Multnomah Group then prepared a summary profile of each vendor’s response and scored each proposal relative to one another. We presented our comprehensive comparative analysis to the Client, recommending that four finalists be interviewed. With the Client’s approval of our recommendation, the Multnomah Group coordinated and documented each finalist’s presentation and facilitated the attainment of necessary supplemental information.
The Client ultimately selected the vendor whose service offering most closely aligned to the Client’s search objectives, and whose proposed fees created the most value in light of the proposed services. The vendor search process availed the Client of the following cost reduction and service enhancements:
To find out how the Multnomah Group can help your organization achieve its goals, please feel free to contact one of our consultants.