Summary
This document is a guide detailing Aon's vendor search and selection process for defined contribution plan sponsors. It outlines the importance of periodically reviewing recordkeeper services to enhance participant satisfaction. The guide explains Aon's approach, which is designed to assist plan sponsors in identifying their specific servicing requirements and selecting a vendor that meets those needs. Aon's extensive vendor database, which includes over 1400 questions across eight service categories, is highlighted as a key resource. The document also describes the conversion assistance process, which includes conducting kickoff meetings, creating comprehensive requests for proposals (RFPs), and analyzing vendor responses. Aon aims to provide value by educating clients on service enhancements, explaining pricing models, and ensuring that service level guarantees are met. Throughout the process, Aon emphasizes the fulfillment of fiduciary responsibilities and the importance of effective communication with both current and prospective vendors.
