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Vendor Due Diligence Process
Rigorous due diligence is critical to ensure providers meet regulatory compliance, have a strong financial standing, and possess the necessary expertise to effectively manage retirement plans. This involves a Request for Proposal (RFP) comparison where we assess their track record and review their organizational structure.
- Ongoing Monitoring: After selecting and contracting with vendors, continuous monitoring is essential to ensure they adhere to the agreed-upon terms and provide quality services. This involves reviewing regular reports, conducting periodic audits, and assessing performance against established benchmarks.
- Vendor Replacement Strategy: In the dynamic 401(k) landscape, having a vendor replacement strategy is important. This includes identifying triggers that might necessitate a change in vendors, such as changes in regulations, poor performance, or shifts in the provider's business model. A well-defined strategy streamlines the process of transitioning to a new vendor while minimizing disruptions to plan participants.
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