Our customized approach to vendor searches seeks to find the best solution for the Plan Sponsor and its participants.
As an independent consulting firm, PrimeTRUST Advisors, LLC (“PTA”) is uniquely positioned to assist Plan Sponsors in satisfying their obligations relating to the periodic search for, and evaluation of, providers of profit sharing plan administrative and recordkeeping services. Such services should include a comprehensive set of solutions for plan recordkeeping/administration, investment platform access, custodian/trustee services, and participant services. According to the Department of Labor, such an exercise should be periodically conducted to ensure that a “reasonable” arrangement exists for securing plan services.
In order to satisfy this obligation, PTA engages in a multi-step process that includes the following major stages:
- determine the needs and objectives of the Plan Sponsor and its participants,
- identify the desired resources and capabilities that are necessary to accomplish the Plan Sponsor’s objectives,
- review the services, resources, capabilities and fees offered by a number of different service providers and
- recommend the service provider whose services, resources, capabilities and fees best matches the Plan Sponsor’s needs
In Stage 1, PTA will conduct a thorough interview with the plan committee to determine the service features and fees currently provided and to identify key issues that need to be addressed. For example: the Plan sponsor may need only a fee benchmark of the current provider, or they may have an issue to be addressed such as finding a service provider that can automate data transfer from the existing payroll provider. At the conclusion of this phase, PTA presents a Summary of Findings Report, which is organized in a manner to present both quantitative and qualitative matters for the Retirement Committee’s consideration in identifying potential needs and formulating priorities for further evaluation.
In Stage 2, PTA will use Committee feedback to the Summary of Findings Report to serve as the basis upon which the request for proposals (“RFPs”) will be drafted and distributed to appropriate service providers.
In Stage 3, PTA will evaluate responses to the RFPs, and prepare its second report; the Service Provider Evaluation Report. This report will serve as the basis for PTA’s ultimate recommendation to the Committee for their consideration.
In Stage 4 (optional), PTA will Provide oversight support necessary to ensure the implementation process continues to align with the Committee’s “vision” for the Plan.