WHAT IS YOUR CURRENT SITUATION AND GOALS?
Is a 401(k) program a new venture for your organization? If so, allow yourself more time to work through the learning curve, and consider hiring an expert to help you. Are you replacing an existing solution? Clearly inventory and document your existing program’s features and functionality.
Pinpoint areas that aren’t working or are missing, and identify preferred change with a new provider partner. However, don’t also forget to document what IS working, lest you lose that with your new provider. Having a defined list of criteria, and outlining your “must-haves” and “nice-to-haves” will be invaluable as you undertake the evaluation process.
WHO ARE THE INTERNAL STAKEHOLDERS?
In addition to evaluating employee needs, be sure to consider the priorities of your human resources, employee benefits and financial colleagues to ensure their needs are met. They may be involved directly in the selection process or just on the sidelines, but ensure you keep their objectives top-of-mind as you go through the evaluation process