Periodic RFPs are essential to monitor vendor performance and reasonableness of fees. Unless a particular vendor’s retention is an immediate issue, then at least every 3-5 years, EFA will develop and implement an RFP to assess the current state of the vendor marketplace regarding:
- Operational Capacity,
- Participant Complaints,
- Service Delivery,
- IT and security requirements, and
The RFP will determine each service provider’s rankings in these critical categories among a representative sample of firms, determine the optimal group of candidates, identify the impacts and estimate the cost and timeline of conversion and negotiate the terms of an agreement with a new vendor or renegotiate the terms of the agreement with an existing vendor.