RFP for DB Plans - Trustee and/or Outsourcing of Administration

[Guest jeanps]

Has anyone prepared an RFP for a DB Trustee search and/or a search for a provider to outsource DB administration. Or, can you recommend any sources to obtain one. Thanks!

[SoCalActuary]

This sounds like a public entity, large corporation or non-profit that has concerns over their current vendors.

Alternatively, you might be complying with requirements for open bidding on all outside contracts.

My past experience has been that the existing vendor has huge cost advantages and almost always wins the contract again. The "almost" is tempered by the possibility the current vendor has gotten too arrogant, pricey, or has lost key people.

Which goal do you seek? Lower costs, upgrade in quality, moving the account to specific people you want to employ? All these can affect your RFP, and your selection process as well.

Having said this, I encourage you to seek a retired senior actuary or lawyer who has done RFPs in the past and who has no incentive to push business to one vendor. Their judgement and experience is very useful. Depending on your location, these people can be found throughout the US.