Conducting Effective Service Provider RFPs for ERISA Retirement Plans

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

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


Conducted on Thursday, July 13, 2017

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE webinar will prepare employee benefits counsel and ERISA plan fiduciaries to conduct more optimal requests for proposals (RFPs) for retirement plan service providers. We will discuss when and how often plan fiduciaries should undertake the RFP process, outline the elements that make up a comprehensive and effective RFP, and offer practice pointers for using the RFP process to meet ERISA fiduciary duties and achieve plan goals.

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.

Conducting RFPs can be expensive and time consuming, but best practices generally require that plan sponsors engage in an RFP process every few years to satisfy ongoing ERISA fiduciary and monitoring responsibilities. As a result, and because participant lawsuits filed under ERISA and IRS/DOL audits relating to plan service providers have increased significantly in recent years, in-house counsel should be prepared to guide their companies through robust 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 the RFP process to meet DOL requirements, 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?
  • How can my company obtain enhanced contractual provisions in the agreements with our service providers?

Faculty

W. Andrew Douglass
W. Andrew Douglass

Shareholder, Employee Benefits Practice Group Chair
Polsinelli

Mr. Douglass regularly counsels both public and private companies on their qualified and nonqualified retirement plans,...  |  Read More

Casper 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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