ERISA clearly imposes a fiduciary duty on plan sponsors to prudently select and monitor the plan's vendor and ensure that the fees charged to the plan in connection with the vendor's services are reasonable. Conducting a vendor search every three to five years helps the plan sponsor satisfy these responsibilities. While the vendor search process may initially seem burdensome, following a few best practices can mitigate the inconveniences, and the benefits quickly overwhelm the burdens.
At Carolina Wealth we are committed to helping plan sponsors conduct independent thorough Vendor Searches / RFP designed around the needs of the plan rather than some predetermined critiera. Each plan is unique and should be treated as such when evaluating potential vendors.
Our commitment to independence is your advantage!