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New 401(k) Record Keeper RFP Template


Recently, the National Association of Plan Advisors (NAPA) and the Counsel of Independent 401(k) Record Keepers (CIkR) collaborated to create a free RFP template for small plans to evaluate 401(k) record keepers. The RFP template was designed with a focus on the requirements for small plans, meaning plans with between 5 and 10 million dollars in assets. When plans use the form, record keepers have an easier time responding to RFP request because the form is standardized and plans can more efficiently evaluate and compare record keepers. The RFP focuses on three crucial areas:

  • Fee Detail: The RFP requires information such as per-participant pricing, the asset-based fee structure, and what types of document information services are provided.

  • Services: The RFP requests information on services provided by the record keeper, for example, a call center or data testing.

  • Investment Program: On the RFP, record keepers are required to report things like fund option requirements and revenue-sharing.

The RFP template can be accessed here: http://www.napa-net.org/wp-content/uploads/2017-NAPA-Provider-Questionnaire_V4.pdf


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