Vendor Monitoring and Management

Vigilant, ongoing management of vendor services is a critical aspect of any plan sponsor’s fiduciary duty. Yet many benefits teams lack the resources to adequately monitor plan administrators and recordkeepers amidst all the other duties competing for their attention.

Because of our firsthand experience setting up and running recordkeeping and administration operations — not to mention our decades of experience consulting for companies of all sizes — SBA is uniquely positioned to assist plan sponsors with all aspects of vendor management, including:

  • Daily participant issue resolution
  • Confirmation of the accuracy of vendor results
  • Vendor issue resolution
  • Management and execution of special projects from specifications through extensive testing
  • Year-end contribution validation
  • Ongoing evaluation of plan and business changes on nondiscrimination testing
  • Review of regulatory and discretionary plan document amendments
  • Benefit transition support for acquisitions, plant closings and executive transitions
  • Plan-level reporting and government filings
  • Participant communications
  • Preparation of calculations and supporting documents for plan audits
  • Ongoing process improvement initiatives
  • And much more

We also offer independent, third-party review of vendor change orders. If change order fees are not reasonable, we are able to develop a ground-up analysis showing where the fees should fall. In many cases, we are able to negotiate the fees to a reasonable and significantly reduced level, if not eliminate them entirely. Over the course of our practice, this service has saved plan sponsors untold dollars in unnecessary change order fees.

This service is available for the following benefit plan types:

Health &