Business Planning · September 29, 2025

Conducting a retirement plan RFP: A guide and template

As a retirement plan sponsor, you have a fiduciary responsibility to ensure your plan is managed in the best interest of your participants. Part of this duty involves regularly reviewing your plan to ensure it remains competitive, cost-effective and aligned with your organization's goals. A thoughtfully executed request for proposal, or RFP, can help you do just that.

More than just a routine fiduciary requirement, the RFP process serves as a catalyst for meaningful improvement. When approached strategically, it can help you uncover new technologies, streamline administrative tools and enhance participant education services—all of which can significantly improve the success of your plan.

Resources for your specific needs

Inside the guide, you'll find:

  • A step-by-step overview of the full RFP process
  • Best practices for developing an RFP that delivers results
  • Guidance on assembling your evaluation committee
  • Strategies to gain deeper insight into cost structures
  • Sample questions to ask potential vendors
  • A detailed timeline to keep your process on track

This comprehensive, downloadable guide walks plan sponsors through every step of the retirement plan RFP process—from deciding whether an RFP is necessary to selecting the right service providers.

We've also included a fully customizable RFP template with sample scoring criteria and proposal requirements you can use to evaluate investment advisors, recordkeepers and third-party administrators.

Download the complete guide to conducting a retirement plan RFP PDF Download the retirement plan request for proposal template PDF , Opens in a new tab

How we can help

While this guide provides the insights and tools you need to run an efficient, effective RFP, you don't need to do it alone. If you're already working with an investment advisor, reach out to them for support. And if you don't currently have an investment advisor, please get in touch. As full-service advisors, we can help you evaluate prospective providers. Our dedicated retirement plan consultants will work with your team to develop a comprehensive RFP process and help you build a robust benefit offering.

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