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Genovese Burford & Brothers Blog

Read the latest posts from the Financial Advisors of Genovese Burford & Brothers.

How Often Should You Put Out a RFP for Your Company's 401(k) Plan?

As a sponsor to a 401(k) Plan, fiduciaries have a number of duties and one of the most important ones is to act in the best interest of plan participants and their beneficiaries.   Another important thing for companies that sponsor a 401(k) Plan is to periodically set up a formal process of reviewing their plan and their service providers.   While the Department of Labor does not have a formal requirement for doing Requests for Proposals  (“RFP’s”) and benchmarking their 401(k) Provider, it is recommended that plan Committee’s conduct a formal RFP at least every 3-5 years.  The size of your 401(k) plan likely increases every few years through employee contributions made by plan participants no matter what the market is doing.   A larger plan size plan may warrant a reduction in your plan’s expenses.  The RFP process allows the Committee to see if their 401(k) Provider is still providing competitive...
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