COLLECTED WISDOM™ On Choosing and Monitoring Plan Providers

ERISA Conflicts of Interest - Summary: The purpose of this White Paper is to analyze the law relating to conflicts of interest that retirement plan fiduciaries may encounter in selecting the investments and service providers for 401k plans. Located at: Reish Luftman Reicher & Cohen , March 2009. Click on headline for full article.

Switching 401k and Other ERISA Plan Vendors - Summary: Plan fiduciaries may face risks, including personal liability, when corporate decisionmakers turn their attention to retirement and welfare plan administration as a source of savings in perilous economic times. The authors discuss some of the most notable areas for possible ERISA violations when fiduciaries face corporate cost-cutting pressures. Located at: Paul, Hastings, Janofsky & Walker LLP , October 2008. Click on headline for full article.

Choosing a Service Provider - Summary: Issues for fiduciaries when hiring a service provider -- checklists and questions to ask. Located at: Profit Sharing/401k Council of America (free registration required), January 2008. Click on headline for full article.

Effective Monitoring of Outsourced Plan Recordkeeping and Reporting Functions - Summary: This article assist a plan sponsor, administrator, or trustee in understanding the importance and benefits of establishing an effective monitoring program over third-party service providers that perform recordkeeping and reporting functions for your employee benefit plan. Located at: American Institute of Certified Public Accountants , June 2007. Click on headline for full article.

Largest 401k Plan Administration Firms - Summary: This chart ranks 401k plan administration firms by number of plan participants receiving services on an unbundled basis. Located at: Workforce.com , August 2006. Click on headline for full article.

DOL Proposes Expanded Reporting of ERISA Plan Service Provider Compensation - Summary: This proposed DOL rule could, if adopted, require investment advisers, hedge fund managers, broker-dealers and a range of other service providers to ERISA plans to provide their ERISA plan clients far more extensive and detailed information about all compensation the service provider receives in connection with providing its services to the plan than is currently required. Located at: Kirkpatrick & Lockhart Nicholson Graham LLP , August 2006. Click on headline for full article.

Finding "Best Fit" in a Retirement Plan Provider Through the RFP Process - Summary: Much has been written about what plan sponsors should include in a Request for Proposal (RFP) when they embark upon a search to hire or replace a retirement plan provider. But written proposals submitted in response to an RFP will never capture all of the essential elements that plan sponsors should assess in selecting a provider. It is therefore vital that plan sponsors recognize the potentially significant limitations of relying too heavily upon the RFP as a decision tool. Located at: 401khelpcenter.com, April 2006. Click on headline for full article.

Selecting and Monitoring Investment Professionals - Summary: This article addresses salient legal issues confronting plan fiduciaries today in connection with the investment of employee benefit plan assets. Located at: Benefits & Compensation Digest , May 2005. Click on headline for full article.

The Fiduciary Duty to Ask for Help - Summary: This article explains the requirement that fiduciaries seek expert advice when they are not qualified to fulfill their ERISA obligations, as well as factors that should be considered when choosing an advisor or consultant to help select and monitor investments. Located at: Reish Luftman Reicher & Cohen, December 2004. Click on headline for full article.

Making Your Next Provider Search Efficient and Successful - Summary: Maybe your current 401(k) provider is taking too long to return your phone calls; maybe its investment lineup reads like a mutual fund scandal hit parade; or maybe it is just time to see what else the market has to offer. Whatever the explanation, it is time to search for a new retirement plan provider. Time to call a consultant, right? Located at: Plansponsor.com (free registrations required), July 2004. Click on headline for full article.

Putting It All Together: Vendors Selection - Summary: You're finally ready to choose a service provider. But whether you're going to start up a new retirement plan or change one or all of the vendors currently servicing your plan, you'll need more than just information to do it right. This article brings the vendor-selection process together in a logical, cohesive whole. Located on: Blue Prairie Group June 2004. Click on headline for full article.

America's Top Recordkeepers - 2004 - Summary: The Recordkeeping Survey gives employers the chance to see exactly which products and services each provider offers, as well as listing information on total assets and overall client demographics. This survey is comprised of data collected from the providers themselves. Located at: Plansponsor.com (free registrations required), June 2004. Click on headline for full article.

Changing 401k Plan Vendors? - Summary: There is no such thing as too many questions. Recently Ed Moss, Senior Vice President, Employee Benefits at FirstMerit Corporation (www.firstmerit.com) provided some tips for plan sponsors who are considering changing 401k plan vendors. Located on: 401khelpcenter.com. Click on headline for full article.

Creating a Request For Proposal - Summary: Here is an outline to follow in putting together a RFP when you are looking for a bundled 401k provider. Included in this outline are important questions you should be asking. Located on: 401khelpcenter.com. Click on headline for full article.

Managing the 401k Vendor Selection Process - Summary: When selecting 401k plan vendors, many companies fall into "the sales claim trap" and make inappropriate selections, leading to frequent vendor turnover. The article outlines the primary service approaches available in the market, and the pros and cons of each approach. Also addressed are techniques for matching investment options to the unique characteristics of your company's workforce. Finally, the article describes how to develop and manage a structured Request for Proposal (RFP) process to be used to select new 401k vendors. Located on: Schultz Collins. Click on headline for full article.

Procedural Due Diligence in the Selection and Monitoring of Plan Service Providers - Summary: Summary: Plan fiduciaries have a duty to select plan service providers prudently, and once service providers are selected, to monitor the quality of their work regularly and to review their compensation periodically to ensure it is reasonable. These fiduciary duties are not expressly stated in ERISA but spring from ERISA's prudence and loyalty provisions. This article discusses the theory behind the duties and provides guidelines for establishing a prudent process for selecting and monitoring service providers. Located on: Kilpatrick Stockton, LLP. Click on headline for full article.

Vendor Reviews - Summary: Reaping Rewards: The benefits of conducting regular reviews of defined contribution plan design and service-provider performance, a discussion and review. Located on: Segal.com. Click on headline for full article.

Engagement Agreements For TPA's - Summary: This checklist describes the principal provisions which should appear in a TPA services agreement. Under each heading, we provide a brief description of the key points, but the actual agreement would contain additional detail and elaboration. Located on: Reish Luftman. Click on headline for full article.

How is the Administration of 401k Plans Structured? - Summary: Plan sponsors have adopted a variety of arrangements to provide 401k plan services to their employees. The service delivery mechanisms they select may potentially affect the level of plan expenses, the extent to which they are charged to the plan, and the degree to which they are disclosed to sponsors and participants. Located on: 401k-administration.com. Click on headline for full article.

How About A Consultant? - Summary: A quick take on the pros and cons of hiring a consultant to help you out with the RFP process. Located on: Plansponsor.com (free registration required). Click on headline for full article.

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