You love your plan service providers. But do you love them enough to overpay them, expose your employees to excessive costs and expose your organization to liability?
ERISA requires employers to check their service providers for competitive pricing periodically, but sometimes the RFP process just doesn’t fit, particularly when a vendor change is not desired. Our Incumbent Review process ensures that your providers are competitive based on market standards, without straining the trust formed with your service partners or jeopardizing your valued relationships. We achieve this by soliciting updated service proposals solely from the plan’s current vendors, without putting their services out to bid. Essentially, your providers will be asked to compete against the market, forcing an adjustment to market standards in an industry that continues to experience price compression. We work closely with your vendors throughout this process, offering suggestions where fees can be reduced and areas of service that can be improved. We then conduct a thorough analysis of these proposals and benchmark them against the current market. Upon review, we will provide our fiduciary opinion to your Board as to the adequacy of the incumbent’s proposed fees and services.
Everyone wins–the employer and service provider maintain their valued relationship, employees receive best results and the Board and management obtain assurance of best fiduciary practices execution.