Vendor Monitoring: Going Beyond the Determination of Reasonableness
Last Updated: April 09, 2015
- Where can I locate the most current recordkeeping service agreement? What are the consequences of terminating our agreement?
- Do you provide service guarantees? Service standards reports?
- Are you able to delineate fees for core recordkeeping, education, and investment reviews, even if all are provided under your bundled product?
- How often will you review your pricing for our plan?
- Will you provide the necessary disclosures that a RPF requires to meet its regulatory requirements to the plan? Will you proactively call to discuss the necessary steps I need to take to satisfy participant notice requirements?
- How many investment funds are available to our plan under this product? What types of income-oriented funds are available?
- Do you offer a zero revenue sharing platform? What are your capabilities in handling revenue sharing, if not?
- How will you help ensure the administrative requirements of the plan are met, and in a timely manner?
- What measures do you provide to determine the success of our plan?
- What methods are available to provide education to participants to improve participation, help them understand the benefits of their retirement plan, and ways to estimate the amount of income they can plan on during retirement, etc.?
- Will our plan be assigned a dedicated service team? What is the average number of years of experience of your Relationship Managers?
- Will you work with our plan’s advisor to provide information to help improve our plan?