AFP's Request for Proposal (RFP): 401(k) Bundled Plans and Pooled Employer Plans (PEPs) document is your essential resource for navigating the complex process of selecting a retirement plan service provider. Developed by corporate practitioners and industry experts, this thorough guide provides a customizable framework to streamline your process. Whether you are launching a new plan or reevaluating your current provider, this tool empowers you with the structure, clarity and due diligence needed to make informed decisions.

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For Non-Members:

AFP Membership is not included in this registration. For $495, you can join AFP and receive complimentary access to this document.

How to Use This Document

The document is a step-by-step tool designed to help plan sponsors evaluate and select a retirement plan provider with confidence and transparency.

Key Takeaways

• Step-by-step guidance for issuing and managing an RFP tailored to your organization’s goals, structure and compliance needs.
• Detailed questionnaires covering provider background, services, cybersecurity, compliance, investment management, participant experience and more.
• Comprehensive evaluation tools, including a provider scoring matrix and key dates tracker to facilitate an efficient, transparent review process.
• Customizable templates and exhibits to ensure clear communication and effective documentation for plan sponsors and bidders alike.
• Glossary of industry terms to ensure clarity and alignment among all stakeholders, from HR and legal to finance and consultants.
• Focus on fiduciary responsibility, governance, and ERISA compliance throughout every phase of the provider selection process.
• Supplemental sections that support plan-specific needs, whether implementing automatic enrollment, company stock features or financial wellness initiatives.
  

Supplementary Documents (to be included with download)

10 Best Practices for Conducting a 401(k) Provider RFP

This resource outlines proven strategies for every stage, from defining scope and assembling the right team, to evaluating proposals, negotiating contracts and ensuring a smooth transition. Filled with useful insights, legal considerations and compliance-focused best practices, this guide helps plan sponsors make confident, well-documented decisions that align with both business goals and participant outcomes.

Mini-RFP Template for Plan Sponsors

Looking to streamline your 401(k) provider evaluation without launching a full-scale RFP? The Mini-RFP Template for Plan Sponsors is a focused, efficient tool designed to help you benchmark, pre-screen or explore enhancements to your retirement plan. Whether you're considering a PEP, consolidating plans or preparing for a full RFP in the future, this template ensures you ask the right questions upfront—saving time, improving clarity and aligning with fiduciary best practices. 

RFP Provider Evaluation Matrix

The evaluation matrix is key to selecting the providers that most closely match your plan’s requirements—an Excel document that allows you to complete one matrix for each provider that meets your minimum requirements. After you have completed the matrices for all providers, compare the total scores. The three or four providers with the highest total scores will be your finalists.

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