RFP (B3 Provider Analysis)

Benchmarking the fees, services and investments of service providers is a systematic process that takes an average of four to eight weeks. Each of the steps is detailed below (under “Benchmarking Process”), beginning with the gathering of your plan demographics. The identification and selection of potential bidding providers is based upon matching your goals and objectives with their capabilities in the four broad categories outlined below (under “Selecting a Plan Provider”). Providers then complete detailed questionnaires that allow us to compare more than 400 data points in one succinct report. Provider finalists are selected and after their presentations, evaluated again based upon the potential fit with your organization and relative
strength and balance of their services, investments, and competitive fee structure.

The B3 Provider Analysis is an executive summary of more than 400 data points within each of the six key components (to the right) that collectively define a 401(k) plan. Our objective is to allow you, the plan fiduciaries, to make educated and informed choices of recordkeeping and investment providers for your plan.

Remember, the key to a comprehensive analysis and provider comparison is balancing the discussion of fees, services and investments (hence the
name B3 that represents all three cornerstones of benchmarking). There are dozens of factors that impact plan pricing, including number of eligible
employees and plan participants, average account balance, plan design features, investment philosophy, and specific plan (provider) services.
Therefore, the only accurate benchmarking method for plan fiduciaries is an interactive, direct “provider to provider” benchmarking process such as the
one we have undertaken with the B3 Provider Analysis.