401(k) Provider Benchmarking - Raffa Retirement
The Challenge of Provider Benchmarking
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 evaluate administrative, record keeping, compliance, and employee communication services and standards. Furthermore, total plan costs are often impossible to identify from the face of the proposals, and feels like comparing apples to oranges between different provider formats.
The Raffa Retirement Services Benchmarking Solution
Raffa Retirement Services has partnered with PLANSPONSOR and Pathfinder to create RFP Director, a proprietary plan provider analysis and benchmarking tool. RFP Director 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 documented due diligence process.
RFP Director’s powerful research and analysis tools are aimed at providing transparency to best identify pricing options and service enhancements from each provider. RFP Director accesses surveys and research data obtained by PLANSPONSOR that capture information from more than 5,000 plans and over 115 providers.
How It Works
RFP Director is designed with you in mind. To maximize the significance of the report, we start by first determining your interest level for each particular service category being measured. This information, along with your advisor’s input, is then accounted for in the system so that the report results align with your needs. After selecting the incumbent provider and other well-suited platforms to benchmark against, we can electronically send out the request for proposal to those providers. Once the providers have answered the request through RFP Director, we can generate an easy-to-read report for you.Benefits
- Detailed RFP process provides an “apples to apples” comparison of provider capabilities.
- Ability to benchmark over 115 platforms.
- Customizable report generation.
How to Get Started
To learn more, please contact Raffa Retirement Services at 240-403-2540, or e-mail us at firstname.lastname@example.org.