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.

The Cofi Incumbent Review^SM allows you to satisfy your fiduciary duty to periodically evaluate your vendors without subjecting them to an RFP.

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.

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.

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.

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.

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.