Archives: Faqs

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4. What documents am I, as the lawyer, responsible to prepare/deliver in an Incumbent ReviewSM?

 Incumbent ReviewSM letter to vendor (request for documents, information and revised terms of services )
 Service contract with incumbent vendor
 Minutes of confirmation meeting
 Final opinion to Board regarding fiduciary compliance of process and ultimate terms of engagement (as renegotiated)

Cofi has templates available for all of these documents.

5. What services is Cofi responsible to perform in an Incumbent ReviewSM?

 Supplies templates for all documents required by the lawyer for the lawyer’s functions
 Interacts with incumbent on submission to ensure that all Incumbent ReviewSM responses are clear and represent firm commitments
 Performs market analysis to determine how the breadth of the incumbent’s services compare to the market and how the incumbent’s fees compare to the market.

Does an Incumbent ReviewSM satisfy your fiduciary duty?

Conventional wisdom has held for many years that you must perform a request for proposal on all medical and retirement plan vendors every 3 to 5 years in order to satisfy your fiduciary responsibilities under ERISA. This is not so. As long as you document a thorough analysis of your vendors’ continued competitiveness in terms of services provided and fees charged, an RFP is not necessary. The Incumbent ReviewSM is designed to satisfy your fiduciary obligations without the cost, time and potential relationship disruption of a full-blown RFP. Our process almost always results in lower fees and more/additional services.

What types of internal resources will an Incumbent ReviewSM require from my staff?

A Cofi Incumbent ReviewSM is designed to significantly limit your engagement throughout the process. Aside from an hour for the initial employer needs analysis and a meeting to discuss the results of the review, employer involvement is not required. Our process is completely transparent, and you may see and participate in as much of the process as you wish. However, there is virtually no employer involvement in our process. The employer may participate as much as desired, but more than this is not necessary.

What types of service providers does Cofi evaluate?

Cofi has capabilities to evaluate all ERISA plan vendors, including Health and Welfare vendors and retirement plan vendors. Such as: 401(k)/403(b) plan advisors/co-fiduciaries, retirement plan auditors, pension plan actuaries, pension plan administrators and recordkeepers, pension plan investment managers, medical plan brokers and consultants, disability, life and leave administration brokers, voluntary benefits brokers, ancillary insurance brokers and more.