PLANSPONSOR - July - August 2023 - 8

UPFRONT
New Tools to Streamline the RFP Process
F
or many plan sponsors, conducting
a request for proposals to find a new
recordkeeper or adviser can be a daunting
task, from a time and administrative
standpoint. But, with the proliferation
of new technology tools and providers,
the RFP process can be streamlined and
become much easier.
According to V. Chandrasekaran,
director and co-founder of Congruent
Solutions, a pension administration software
provider, the retirement plan industry
is experiencing a " remarkable transformation
due to rapid technological advancements, "
and embracing these trends will
empower plan administrators and recordkeepers
to optimize services.
New Technology Providers
To speed up the RFP process for plan sponsors,
several technology platforms have
entered the market, offering a variety of
features that include side-by-side recordkeeping
fee comparisons and prewritten
templates with industry questions.
InHub, an RFP and due diligence
questionnaire software platform,
acquired by cloud-based software developer
RFPIO last year, allows sponsors
to digitize their RFPs, create a template
with industry-standard questions
add their own questions, or build an RFP
and
completely from scratch.
" [InHub] allows issuers to seamlessly
distribute requests and questionnaires to
select candidates, more easily collaborate
across teams, and centralize data gathering
and review processes, " says Ariana Amplo,
founder of InHub and vice president of
services at RFPIO.
High-value RFPs, such as those
performed for 401(k)s, that involve several
department heads and internal stakeholders
can be even more challenging to
keep organized, she adds.
InHub requires a one-time technology
fee for plan sponsor users, with
more packages available for organizations
8 PLANSPONSOR.COM July - August 2023 Art by Janik Söllner
that require further assistance or access
to additional tools and services.
Benetic Inc., founded in 2018, is
another RFP/request for information platform;
this one works directly with advisers
to benchmark plan services and fees, as
well as search for new providers based on
the services their sponsor clients need.
The platform currently has live
pricing for 21 recordkeepers and does
custom-pricing requests for another 25.
This gives advisers access to instant and
real-time price comparisons.
" The adviser goes on [Benetic] and
says, 'These are the five recordkeepers I
want to compare, and here are the requirements
I'm looking for,' " explains Kristin
McCarthy, senior vice president of product
and client experience at the company. " Our
platform takes all the pertinent information
[from the recordkeepers] and does an
apples-to-apples comparison. We put it
into a nice little neat package that's easy to
explain to the plan sponsor. "

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PLANSPONSOR - July - August 2023

Table of Contents for the Digital Edition of PLANSPONSOR - July - August 2023

INSIGHTS
PARTICIPANT ANALYSIS
RULES & REGULATIONS
UPFRONT
2023 PLANSPONSOR National Conference
2023 Plan Sponsor of the Year Winners
23 Recordkeeping Survey
Will ‘2.0’ Plug the Leaks?
The Way to Go
Use It or Use It
Stable Value in Focus
Auto-Enrollment Is Still Key
PLANSPONSOR - July - August 2023 - Cover1
PLANSPONSOR - July - August 2023 - Cover2
PLANSPONSOR - July - August 2023 - 1
PLANSPONSOR - July - August 2023 - INSIGHTS
PLANSPONSOR - July - August 2023 - 3
PLANSPONSOR - July - August 2023 - 4
PLANSPONSOR - July - August 2023 - 5
PLANSPONSOR - July - August 2023 - RULES & REGULATIONS
PLANSPONSOR - July - August 2023 - 7
PLANSPONSOR - July - August 2023 - UPFRONT
PLANSPONSOR - July - August 2023 - 9
PLANSPONSOR - July - August 2023 - 10
PLANSPONSOR - July - August 2023 - 11
PLANSPONSOR - July - August 2023 - 12
PLANSPONSOR - July - August 2023 - 13
PLANSPONSOR - July - August 2023 - 2023 PLANSPONSOR National Conference
PLANSPONSOR - July - August 2023 - 15
PLANSPONSOR - July - August 2023 - 16
PLANSPONSOR - July - August 2023 - 17
PLANSPONSOR - July - August 2023 - 2023 Plan Sponsor of the Year Winners
PLANSPONSOR - July - August 2023 - 19
PLANSPONSOR - July - August 2023 - 20
PLANSPONSOR - July - August 2023 - 21
PLANSPONSOR - July - August 2023 - 22
PLANSPONSOR - July - August 2023 - 23
PLANSPONSOR - July - August 2023 - 24
PLANSPONSOR - July - August 2023 - 25
PLANSPONSOR - July - August 2023 - 26
PLANSPONSOR - July - August 2023 - 27
PLANSPONSOR - July - August 2023 - 28
PLANSPONSOR - July - August 2023 - 29
PLANSPONSOR - July - August 2023 - 23 Recordkeeping Survey
PLANSPONSOR - July - August 2023 - 31
PLANSPONSOR - July - August 2023 - 32
PLANSPONSOR - July - August 2023 - 33
PLANSPONSOR - July - August 2023 - Will ‘2.0’ Plug the Leaks?
PLANSPONSOR - July - August 2023 - 35
PLANSPONSOR - July - August 2023 - The Way to Go
PLANSPONSOR - July - August 2023 - 37
PLANSPONSOR - July - August 2023 - Use It or Use It
PLANSPONSOR - July - August 2023 - Stable Value in Focus
PLANSPONSOR - July - August 2023 - Auto-Enrollment Is Still Key
PLANSPONSOR - July - August 2023 - Cover3
PLANSPONSOR - July - August 2023 - Cover4
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