“Even the most diligent plan sponsor can find the retirement plan benchmarking process overwhelming if undertaken single-handedly. At Cambridge, we shoulder the responsiblity of a thorough vendor analysis, offering clear recommendations and support throughout the process.”
Looking for a new 401(k) provider can be a time consuming and frustrating task. Even if you are completely satisfied with your current retirement plan, a periodic review of your current vendor and a fee benchmarking helps you to fulfill your fiduciary responsibility.
As a member of the Retirement Plan Advisory Group (RPAG), Cambridge has access to dedicated Vendor Search/ Fee Benchmarking resources for investment management, recordkeeping services and fee comparisons, whereby helping plan sponsors to meet important fiduciary requirements while ensuring a best practices retirement plan.
Comprehensive Vendor & Fee Analysis
The Request for Proposal (RFP) and Benchmarking process performs objective and independent provider searches for investment management, recordkeeping services and fee comparisons.
By leveraging our intellectual capital and robust consulting tools, we lead plan sponsors through the benchmarking process—from the initial proposal requests to the final analysis, and even conversion management assistance (if and when warranted).
Our proprietary Vendor Search / RFP Benchmarking process employs both quantitative and qualitative metrics.
The final output is titled the B3 Provider Analysis to represent the benchmarking of fees, services and investments in one comprehensive report.
Features of the Vendor Analysis and Benchmarking Report include:
- Initial Needs Analysis
- RFP Questionnaire
- Response Compilation
- Total Cost Analysis
- Investment Opportunities Ranking
- Conversion Assistance
- Provider Contract Review & Negotiation
The source of data utilized to benchmark plan cost, services and investments is proprietary—developed and maintained in-house by RPAG’s full-time provider research analysts.
Ultimately, the final report output documents whether current fees, services and investments are competitive with the marketplace, while helping plan fiduciaries meet their responsibilities as set forth by ERISA.
The Leading 401(k) RFP Process
- For the past two years, the Retirement Plan Advisor Group has conducted 325 RFPs, more than any other consulting firm in the country.
- On a semi-annual basis, the RFP team collects updates from 60+ Retirement Plan Providers to ensure current data is maintained in its proprietary 401k Proposal database.
- The final report output includes 400+ data points in key areas including Recordkeeping, Investment Management, Compliance Services, Employee Education and Technology.
- A Total Cost Analysis shows bottom-line dollar amounts of incumbent and bidding retirement plan vendors, and includes revenue sharing analysis for full fee transparency.
- RPAG routinely meets with service providers to stay abreast of product enhancements and conduct site visits to ensure ongoing qualitative due diligence.
By working with us, you can meet your fiduciary duty to monitor plan fees and make important plan provider decisions, while ensuring the best possible 401(k) plan at the most competitive cost for your participants.
Interested in Vendor Analysis & Fee Benchmarking Services?
Contact Us: Your San Francisco Employee Benefit Consultants
Or Continue to Retirement Plan Services Step 2: 401(k) Investment AnalysisRelated Topics
- 401k fee benchmarking, 401k advisor, 401K benchmarking, retirement plan fee benchmarking, 401k rfp