Backed by Aon’s expert consultants and a vast vendor database, our recordkeeper search and selection process helps plan sponsors identify a vendor who can best meet their needs and fulfill fiduciary responsibilities.
Research and Review
As plan sponsor, you know that your participants’ experience with your recordkeeper affects their level of satisfaction with plan benefits. Fiduciaries should periodically review recordkeeper services and reaffirm vendor selection.
Aon consultants have the expertise to guide you through a complete review of current and prospective recordkeepers. Our robust vendor database includes over 750 questions within eight service categories, and vendor responses are updated annually to keep pace with service model changes:
Selecting a Vendor
Our selection process can be customized for your needs, and typically includes these steps:
- Conduct kickoff meeting to confirm your objectives and priorities
- Create a request for proposal (RFP), addressing each vendor’s core capabilities, as well as your custom servicing requirements
- Serve as a single point of contact for vendor inquiries
- Obtain customized, binding administration fees based on your plan demographics and design
- Analyze and score vendors’ qualitative and quantitative data
- Develop written search report to help fulfill fiduciary responsibility
- Hold finalist presentations and assist you in final decision-making
Converting to a New Vendor
We help you manage the conversion to a new recordkeeper by thoroughly understanding your plan servicing requirements. We advocate for you during the process, and following best practices, our consultants:
- Coordinate with previous and newly-selected vendors,
- Review your agreement to align fees and services with RFP commitments service level guarantees are included, and
- Review administration manual drafted by the recordkeeper.
*Includes non-qualified plans, company stock and 403(b) service models, where applicable.