Employers, such as HR departments, often find themselves conducting searches for service providers, like medical plan brokers, retirement plan advisors, auditors, actuaries and administrators, without professional assistance. This is typically due to a lack of competent, affordable and conflict-free professionals for the task. Our role is to alleviate this burden from internal employer resources. As co-fiduciaries, we provide expert RFP support services with a guarantee of competence and integrity. Importantly, there is no cost to the employer, as our fee is charged to the plans or the successful candidate of the RFP.
Streamlined Service Provider Searches with Expert Support
Overview
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.
Independence
Most professional RFP consultants are related to vendors or are vendors themselves. We have no vendor associations or biases.
We Manage the Whole Process
After our initial interview with the employer to discuss its needs and objectives, we handle every step in our customized, data driven, process until it is time to interview finalists. The employer just needs to show up and make a decision. The rest is in our hands.
Expert-Driven Analysis
Our consultants are plan analysts and lawyers—everything needed to execute perfectly on this critical fiduciary and business function. There is nothing we do not know when it comes to benefit vendor RFPs.
No Cost to Employer
Each candidate agrees up-front to pay Cofi’s fees for running the RFP if the candidate is chosen as the winner.
Co-Fiduciaries
We perform our work as co-fiduciaries to your company plan decision-makers. Our process finishes with a fiduciary opinion to your Board regarding compliance with fiduciary best practices.
Process
Our RFP Process At A Glance
From initial interviews to final assessments, Cofi's comprehensive RFP process ensures a streamlined and effective vendor selection. Our expert-driven analysis, independent fiduciary compliance, and cost-free service to employers make us an invaluable partner in your RFP process.
Ready to Begin Your RFP?
Leverage Cofi's expertise and support for an optimized RFP process. Contact us today to get started.
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.
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.
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