Conducting a Retirement Plan Recordkeeping Vendor Search: Benefits and Best Practices

Conducting a 401(k) or 403(b) recordkeeping vendor search can be a detail-laden, time-intensive process that takes up to six months to complete. If the vendor search results in the selection of a new vendor, the conversion can disrupt the norm and create anxiety. Why would a plan sponsor volunteer to do this?

This guide begins with a look at why conducting a vendor search may be necessary to satisfy several of a plan sponsor's fiduciary duties under ERISA, followed by a discussion of the numerous practical benefits that result from a thorough vendor search.

The second half focuses on 12 best practices that, if followed, will substantially alleviate the perceived burdens of conducting a vendor search and help guide the plan sponsor to a perfect-fit vendor.

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