There are some service provider searches that employers (e.g., HR departments) conduct themselves–i.e., medical plan broker, retirement plan advisor, plan auditor, pension plan actuaries and administrators, etc. This is because there is no qualified and conflict-free professional to conduct the search. We remove this burden from internal employer resources and, as co-fiduciaries, perform our expert RFP support services with complete assurance of competence and integrity. There is no expense to the employer, as we charge our fee to the plans or the winning candidate of the RFP.
Why outsource my RFP?
Understanding the RFP Process
Our RFP process is designed to provide comprehensive vendor evaluations, enabling you to select the best possible match for your unique needs. From initiating the RFP to making the final decision, we're here to guide you every step of the way and do all of the heavy lifting.
Why Run a CoFi Winner-Pays RFP?
Leverage CoFi's expertise and support for an optimized RFP process that satisfies applicable fiduciary standards, all at no cost to the employer.
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Customized, Data-Driven Analysis: Our RFP is based completely on a needs analysis performed on the employer, its plans, and its employee population.
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We Manage the Whole Process: After the needs analysis is performed, CoFi interacts directly with the candidates all the way through the finalist selection interviews, minimizing internal resource consumption for the employer.
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No Cost to Employer: Our fee is totally paid by the winning candidate.
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Expert-Driven Analysis: The employer achieves the most appropriate services for the most competitive fees with minimal internal resource consumption.
Our RFP Process At A Glance
From initial interviews to final assessments, CoFi's comprehensive RFP process ensures a streamlined and effective selection experience. Our expert-driven analysis, independent fiduciary compliance, and cost-free service to employers make us an invaluable partner in your RFP process. We also include follow-up checks on the winning candidate to ensure they perform services as promised and that you are using all resources that were promised.
FAQ
Frequently Asked Questions
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.
What if I do not want to change my vendor?
The Cofi Incumbent ReviewSM allows you to satisfy your fiduciary duty to periodically evaluate your vendors without subjecting them to an RFP.
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.
Ready to Begin Your RFP Journey?
Leverage Cofi's expertise and support for an optimized RFP process. Contact us today to get started.
Contact Us
Have questions or need assistance? Get in touch with our team. Use our contact page to find our contact information, including phone number and email address. We're here to provide support and answer any inquiries you may have.