The length of the process varies depending on a number of factors: complexity of the plan, size of plan, etc. On average, an Incumbent ReviewSM takes 30-60 days.
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How much does a Cofi Incumbent ReviewSM cost?
It depends very much on a number of factors: e.g., type of plan, number of vendors, complexity of the plan, size of plan, etc. Cofi will provide a flat fee or hourly pricing on request.
How long does the RFP process take?
The length of the process varies depending on a number of factors: complexity of the plan, size of plan, number of candidates, etc. From beginning (initial employer needs analysis) to end (commencement of services by the new vendor), the process usually takes about 3 months.
What types of internal resources will an RFP require from my staff?
A Cofi RFP is designed to significantly limit your required participation throughout the process. Aside from a few hours for the initial employer needs analysis and attendance at finalist meetings, there is virtually no employer involvement in our process. The employer may participate as much as desired, but that is not necessary.
How much does a Cofi RFP Cost?
Cofi’s fees depend on a number of factors: complexity of the plan, size of plan, number of candidates, etc. Cofi will provide a flat fee or hourly pricing on request.
Are there cost-free solutions available?
Yes. Cofi can employ techniques to make our services cost-free to the employer. One of our most popular techniques is the “Winner-Pays RFP”, where the candidates agree up-front that the winning candidate will pay Cofi’s fee. Because our fee is a fiduciary expense, it can also always be paid from plan assets.
Should I have a lawyer assist with an RFP?
We recommend that your ERISA attorney, if you have one, should be involved in the vendor selection process. We do not require the involvement of a lawyer if an employer wishes to proceed without one.