Managing an employee benefit plan is a significant responsibility for any business owner. Beyond ensuring your employees receive valuable benefits, you must also comply with ERISA regulations, monitor fees, and choose service providers wisely. One of the most critical aspects of this process is the Request for Proposal (RFP)—a formal way to evaluate potential service providers for your plan.

However, handling an RFP internally can be time-consuming, complicated, and risky if you’re not fully familiar with ERISA requirements. That’s why many businesses in Stephenson, Winchester, and Northern Virginia are turning to ERISA Independent Fiduciaries to manage this process with clarity, transparency, and care.

What is an RFP for Employee Benefit Plans?

An RFP (Request for Proposal) is a formal process used to solicit bids from potential service providers—such as recordkeepers, plan administrators, or investment managers—so you can evaluate who best fits your plan’s needs.

The U.S. Department of Labor recommends conducting an RFP every 3–4 years to ensure:

• Fees paid to service providers are reasonable.

• Employees are receiving the best possible services.

• Your plan stays compliant with ERISA regulations.

Failing to properly conduct an RFP can increase fiduciary risk, which could result in penalties or legal exposure for your business.

Why Outsource the RFP Process to an ERISA Independent Fiduciary?

Outsourcing the RFP process has become increasingly popular because an Independent Fiduciary brings expertise, objectivity, and efficiency to the process. Here’s why it makes sense:

1. Expertise and Industry Knowledge
   An Independent Fiduciary understands the retirement plan landscape, knows the top service providers, and stays updated on current ERISA compliance standards. This ensures your plan is being evaluated against the most relevant and competitive offerings.

2. Time-Saving and Efficient
   The RFP process involves many detailed tasks—preparing the RFP, distributing it to multiple vendors, collecting responses, and analyzing proposals. An Independent Fiduciary handles all of this for you, allowing you to focus on running your business.

3. Unbiased Evaluation
   Independent Fiduciaries act solely in the best interest of the plan participants. They provide objective guidance, helping you select vendors without any conflict of interest.

4. Risk Mitigation
   By managing the RFP process according to ERISA standards, an Independent Fiduciary helps reduce the risk of Department of Labor audits, fines, and fiduciary liability.

How Clarity Financial Supports Your Business

At Clarity Financial, we provide ERISA-compliant solutions for businesses in Stephenson, Winchester, and Northern Virginia. Here’s how we help with the RFP process:

• End-to-End RFP Management
  We handle the entire process—from creating the RFP to evaluating proposals—ensuring accuracy, efficiency, and compliance.

• Vendor Selection Support
  We guide you in choosing the right service providers who meet your plan’s goals and provide exceptional value for employees.

• Ongoing ERISA Guidance
  Our team provides continuous support to ensure your plan remains compliant and competitive as regulations evolve.

• Clarity, Transparency, and Care
  We pride ourselves on making complex ERISA compliance and plan management easy to understand, so you can feel confident in your decisions.

Timing is Everything

Conducting an RFP now, before the end of 2025, sets your plan up for a smooth year in 2026. Proper planning ensures:

• Plan compliance is up-to-date

• Employees have access to top-quality services

• Fiduciary risks are minimized

If you wait until the new year, you risk delays and missed deadlines, which could lead to compliance issues or unnecessary costs.

Take the Next Step

For business owners in Stephenson, Winchester, or Northern Virginia, now is the perfect time to evaluate your employee benefit plan and consider outsourcing the RFP process to an ERISA Independent Fiduciary.

At Clarity Financial, we make ERISA compliance simple, clear, and stress-free. Contact us today to schedule a consultation and ensure your retirement plan is fully optimized and compliant for 2026 and beyond.

📍 Serving Stephenson, Winchester, and Northern Virginia