Page 444 - DCAC February 2024 Files

Plan Sponsor / Committee Oversight: Process Failure

• Conduct and document periodic (every 3-5 years)

RFQ, RFI or RFP.

– Demonstrates ongoing monitoring and testing the
market.

• Document ongoing benchmarking and

RFQ/RFI/RFP projects in meeting minutes and
maintain supporting documents as part of the

Plan’s permanent fiduciary file. It’s difficult to

prove undocumented activities.

• While there’s no obligation to utilize the least

expensive options, fiduciaries must demonstrate a

prudent process that confirms necessity of the
product/service and reasonableness of the fees

paid for the same.

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