Category: Support for Attorney-led RFP

The ERISA lawyer is the most important service provider to an employer when it comes to the critical fiduciary decision of which vendors to retain for the plan at what cost. This is because the ERISA lawyer has:

 

1. Training in fiduciary risk management
2. Training in governance decision-making
3. Complete independence
4. The highest duty of care
5. Industry knowledge

6. ERISA technical competence
7. Authority and credibility with the board
8. Ability to manage the contracting process

 

And, of course, the ERISA lawyer is the only professional who has the ability to protect the process with attorney/client privilege.

Fees for both the lawyer and Cofi vary depending upon size and complexity of plan, number of candidates and other factors. Cofi can provide flat fee quoting for its services. Cofi can also provide information regarding approximate legal fees based on Cofi’s experience.

Cofi supplies templates for all documents that the lawyers need to perform their functions.

 RFP (letter to candidates setting rules of engagement)
 Service contracts with new vendor
 Notice to terminated vendor
 Minutes of selection meeting
 Final fiduciary opinion to Board regarding fiduciary compliance of process and ultimate selection

 

Cofi has templates available for all of these documents.

The ERISA lawyer is the quarterback of the whole process. You identify the need for the service where it is needed, you ensure governance mechanisms for the service provided selection process are integrous, you manage vendor contracting, you oversee the entire process and you guide the employer with our help to the best result.

 Suggests candidates based on employer profile
Designs process and timeline for entirety of project
 Supplies templates for all documents required by the lawyer for the lawyer’s functions (see above)
 Interacts with candidates on submissions to ensure that all RFP responses are clear and include firm commitments
 Participates in finalist interviews
 Manages follow up to ensure all promises are kept

 Employer needs questionnaire
 Vendor RFP questionnaire
 Candidates comparison report, a strengths and weaknesses comparison for each candidate, recommended interview questions per candidate and Cofi recommendations based on candidate submissions
 Final co-fiduciary opinion