Vendor Structure Review

Oversight committees must weigh the positives and negatives of maintaining multiple recordkeeping providers. Fact finding and discovering participant opinions will assist the committee in understanding what options may be appropriate. PlanPilot’s approach to assisting plan sponsors in their decision making process follows a time-tested four step process:

• Step 1 — Review administrative procedures: Are more efficient processes available? Which services    can be outsourced?

• Step 2 — Develop an understanding of participant interests: Do they differ for faculty versus staff?    Are there certain investment options that are non-negotiable to change?

• Step 3 — Determine investment flexibility: Will providers support non-proprietary options? Are    there annuity contract considerations?

• Step 4 — Develop RFI and solicit responses from existing providers: Will fee savings be achieved?    How will participant education be handled?

What we have frequently discovered is that through this review process consolidation can be achieved, either in part or total. Additionally, 100% of the time fee savings and administrative processes are improved.

Vendor Structure Review


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