Conducting Effective Service Provider RFPs for ERISA Retirement and Health Plans

BARBRI

This CLE course will prepare in-house counsel and ERISA plan fiduciaries to conduct requests for proposals (RFPs) for retirement plan service providers. The panel will discuss when and how often plan fiduciaries should undertake an RFP process, outline the elements that make up a comprehensive and effective RFP, and offer practice pointers to meet ERISA fiduciary duties and achieve better outcomes for the company and plan participants.

Description

Companies have important fiduciary responsibilities under ERISA to properly select and monitor the effectiveness of the service providers for their retirement plans and the reasonableness of their fees. Legal counsel and human resources/employee benefits professionals can assist companies in meeting their fiduciary duties on these considerations by conducting periodic RFPs.

Best practices generally require that plan sponsors engage in an RFP process every few years to satisfy ongoing ERISA fiduciary and monitoring responsibilities. Because participant lawsuits filed under ERISA and IRS/DOL audits relating to plan service providers have increased significantly in recent years, counsel should prepare to guide their companies through RFP processes.

Listen as our experienced panel prepares employee benefits counsel and ERISA plan fiduciaries to plan for and conduct RFPs for retirement plan service providers. The panel will discuss when plan fiduciaries should undertake an RFP process, outline the elements that make up a comprehensive and effective RFP, and offer practice pointers for using the RFP process to meet fiduciary duties and achieve plan goals.

Outline

1. Overview of ERISA requirements and DOL guidance
2. Elements of a thorough RFP questionnaire
3. Interviewing service provider candidates
4. Documenting the RFP process

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