Defined Contribution Plan Vendor Search
Learn how your organization can benefit from a retirement plan vendor search.
What are DC Vendor Searches?
The vendor search and selection process helps plan sponsors identify a defined contribution (DC) recordkeeper who can best meet their needs and fulfill fiduciary responsibilities.
Why is Performing a Vendor Search Important?
Plan participants’ experience with a recordkeeper affects their level of satisfaction with plan benefits. Fiduciaries should periodically review recordkeeper services and fees and reaffirm vendor selection.
What are the Benefits of a Vendor Search?
DC consultants guide you through a complete review of your current recordkeeper’s service and fees and compare them to other potential recordkeepers. Aon’s robust vendor database includes over 1,000 questions within ten service categories. Vendor RFP responses are updated and customized with each search performed:
- Organization and market focus
- Record-keeping
- Conversion
- Regulatory and compliance
- Participant experience
- Plan sponsor experience
- Fee flexibility and transparency
- Investment products
- Company stock
- Non-qualified plans
1,000
Aon’s robust vendor database includes over 1,000 questions within ten service categories.
How Aon Can Help
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DC Vendor Search Services
- Manage the request for proposal (RFP) process
- Assess vendor capabilities
- Address custom servicing requirements
- Serve as a single point of contact for vendor inquiries
- Obtain customized, binding administration fees based on your plan demographics, design and administration requirements
- Analyze and score vendors’ qualitative and quantitative data
- Develop a written search report to help fulfill fiduciary responsibility
- Hold finalist presentations and assist in the final decision-making
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Converting to a New Vendor
- Coordinate with previous and new vendors
- Review agreements to align fees and services with RFP commitments
- Review the administration manual drafted by the recordkeeper
- Assist in the development of service-level guarantees
Improving Retirement Outcomes
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