The retirement plan provider review process can be time-consuming, confusing, and frustrating. All too often, standard vendor-provided proposals do not include enough information to determine administrative, recordkeeping, compliance, and employee communication services and standards. Furthermore, total plan costs are usually impossible to determine from the face of the proposals.
Karam Financial Group is the Plan Sponsor’s outsource partner in the plan provider review process. Karam Financial Group has access to the RFP Director tool, which enables Plan Sponsors to eliminate the confusion and frustration of selecting a 401(k) provider, and dramatically reduces the amount of time plan sponsors must allocate to the evaluation of new plan providers.
RFP Director tool is a proprietary plan provider analysis and benchmarking tool. RFP Director tool maintains the richest data and conducts the most comprehensive research on retirement plan providers and asset managers. Employers who choose to evaluate their plan providers on fundamental product, service and cost components will find this program to be an integral part of their due diligence process. RFP Director tool’s powerful research and analysis tools are aimed at providing transparency to best identify pricing options and service enhancements from each provider.