Conducting Effective Service Provider RFPs for ERISA Retirement and Health Plans

Crafting Comprehensive Proposals to Meet Fiduciary Duties and to Avoid Litigation and DOL Audits

Recording of a 90-minute premium CLE video webinar with Q&A


Conducted on Wednesday, July 14, 2021

Recorded event now available

or call 1-800-926-7926
Course Materials

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.

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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

Benefits

The panel will review these and other key issues:

  • When and how often should plan fiduciaries undertake the RFP process?
  • What essential questions should be included in the RFP questionnaire regarding a service provider’s fees, the scope of services, and cybersecurity procedures?
  • How can my company obtain enhanced contractual provisions in the agreements with our service providers?

Faculty

Douglass, Andrew
W. Andrew Douglass

Partner
Reed Smith

Mr. Douglass is a member of the firm’s Global Corporate Group and focuses his practice in the areas of...  |  Read More

Watson, Roberta
Roberta Casper Watson

Partner
The Wagner Law Group

Ms. Watson focuses on ERISA and employee benefits. She concentrates on a wide array of areas including, pension and...  |  Read More

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