401(k) Recordkeeper RFP Services
You're required to benchmark your plan's fees and services. But how do you ensure the RFP process protects you from fiduciary liability while identifying the best recordkeeper? PointOak specializes in conducting comprehensive recordkeeper RFPs that document your prudent process and deliver competitive results.
Named fiduciary throughout entire RFP process
Live Bid benchmarking with 450+ data points
Complete RFP management and documentation protection
Why Choose Us for 401(k) Recordkeeper RFP Support?
PointOak has been registered and acting as fiduciary advisors since the first day we started our practice. All our retirement plan advisors can act as either a 3(21) or 3(38) named fiduciary under ERISA with all clients, providing direct liability protection throughout the RFP process and demonstrating our commitment to acting in your best interests.
What sets us apart is our Live Bid benchmarking methodology. We perform over 10,000 benchmarks per year for other clients, reviewing over 450 data points per bidder using your actual plan information rather than industry averages. This means you get data accuracy that beats standard industry benchmarks. Plus, our meticulous, technology-driven process documents everything to help protect you from liability if you get audited.
Our Provider Selection & Benchmarking Services
RFP Management
When it's time to take your company's retirement plan to market, our RFP management services handle the complete request for proposal process on your behalf. We draft comprehensive RFP documents, identify potential recordkeepers suited to your plan's needs, and manage all vendor communications from start to finish. We project manage the entire RFP timeline so you can focus on running your business.
Live Bid Benchmarking
Our custom Live Bid benchmarking process uses your specific plan data to generate accurate fee and service comparisons across different recordkeepers. Unlike generic industry benchmarks that rely on average plan demographics, we analyze over 450 data points per provider using your actual participant count, asset levels, and plan features to ensure apples-to-apples comparisons. This comprehensive analysis evaluates fees, investments, and recordkeeping services.
Provider Comparison Analysis
After RFP responses arrive, we create side-by-side comparison analyses that cut through marketing language to reveal substantive differences in the services provided. Our evaluation framework scores each recordkeeper across quantitative factors like pricing and technology capabilities as well as qualitative factors like service philosophy and participant services quality. We present finalist recommendations with clear rationale tied to your plan's specific objectives.
Fee Negotiation Support
Once you've identified your preferred recordkeeper, we help you negotiate the best possible fee structure and service terms. Our market knowledge from conducting 10,000+ benchmarks annually gives us the leverage to secure competitive pricing and favorable contract provisions on your behalf while eliminating hidden revenue sharing arrangements. We review all fee disclosures and plan documents to ensure transparency and reasonableness.
What To Expect: Our RFP Process
Define Your Objectives
We start by understanding your specific goals for the recordkeeper search. You'll discuss what's working and what's not with your current provider, identify must-have features, and establish evaluation criteria in advance.
Custom RFP Development
We draft a comprehensive RFP document tailored to your plan's needs. The RFP includes your plan specifications, service requirements, and specific questions designed to reveal meaningful differences between recordkeepers.
Proposal Evaluation
Once responses arrive, we conduct detailed analysis of all submissions using our scoring framework. You'll receive a clear comparison showing how each provider measures up across fees, services, technology, and compliance capabilities.
Finalist Presentations & Selection
We coordinate presentations with your top 2-3 finalists and facilitate Q&A sessions to address any concerns. You make the final selection with confidence, backed by thorough documentation of your prudent process.
Implementation & Ongoing Monitoring
After selection, we support the transition to your new recordkeeper and provide ongoing monitoring. You'll have complete documentation in your Virtual 401(k) Fiduciary File proving you followed a prudent process.
About PointOak Retirement Advisors
PointOak Retirement Advisors is an independent retirement plan consulting firm headquartered in McLean, Virginia, serving plan sponsors nationwide. The firm generates over 90% of its revenue from corporate retirement plans and acts as a 3(21) or 3(38) named fiduciary under ERISA with every client. PointOak evaluates over $120 billion in retirement plan assets quarterly.
Frequently Asked Questions
The Department of Labor presumes plan sponsors conduct RFPs every three to five years as part of prudent fiduciary practice. We recommend annual benchmarking to monitor fees and services, with a comprehensive recordkeeper RFP every three years. However, you should conduct an RFP sooner if your recordkeeper is acquired, you experience service problems, or your plan experiences 20%+ growth in assets or participants.
The most important evaluation criteria include total plan cost across all fee types, technology capabilities for participant and sponsor portals, service quality measured through response times and dedicated support, SECURE 2.0 implementation readiness, and cybersecurity controls to protect participant data. We also evaluate recordkeeper financial stability, investment options and advice availability, transition support capabilities, and quality of participant services.
We typically recommend including 3-5 potential recordkeepers in your request for proposal process. This provides meaningful comparison without creating evaluation overwhelm. The specific number depends on your plan size and complexity. Smaller plans may focus on 3 providers specializing in that market segment, while larger plans might evaluate 4-5 to ensure comprehensive market coverage.
Benchmarking compares your current fees and services against industry standards to determine reasonableness, typically using existing plan data and market surveys. A recordkeeper search through an RFP is a comprehensive process where you solicit detailed proposals from different recordkeepers, evaluate their complete service offerings, and potentially switch providers. We recommend benchmarking annually and conducting a formal recordkeeper RFP every three to five years.
While you can technically conduct an RFP yourself, the complexity and fiduciary implications make retirement plan advisor support essential for most plan sponsors. A specialized firm brings market knowledge of 130+ recordkeepers, expertise in drafting comprehensive RFP documents, objectivity in evaluating responses, and documentation practices that protect you in audits or litigation. Working with an advisor who acts as a named 3(21) or 3(38) fiduciary shifts legal responsibility.
After you select your new recordkeeper, we help manage the transition to minimize participant disruption. This includes coordinating the data transfer and plan documents migration, reviewing the service agreement to ensure all negotiated terms are included, developing participant communications to explain the change, and creating a transition timeline. Most transitions take 6-18 months depending on plan complexity.
Investment advisory services offered through PointOak Retirement Advisors, LLC. This site is published for residents of the United States only. PointOak Retirement Advisors, LLC does not provide tax or legal advice.
Ready to Simplify Your Financial Life?
Schedule a complimentary consultation to discuss your financial goals and how we can help. There's no cost for the initial meeting. No obligation. Just a conversation to see if we're the right fit for your needs.
What To Expect
Our initial consultation typically lasts 30–45 minutes. We'll discuss your goals, current situation, and how we might work together. Come prepared with questions.