Turning over significant responsibility for plan management is a big decision. There are a lot of different firms providing outsourcing services. How do you choose among them? We believe your outsourcer will be making decisions that directly affect your plan and the retirement well-being of your plan participants. In selecting an outsourcer, it’s critical to understand the issues, your outsourcing partner and what it can and cannot do, and rely on a well-designed, thorough selection process.
This paper examines three basic principles that should guide the selection of a defined contribution (DC) outsourcing provider and addresses three types of firms that provide outsourcing services and questions to ask them.