Learn about actual and potential costs
How much should I pay for 401(k) Administration Services?
What is the average price of 401(k) Administration Services?
This procurement report includes pricing information to help you purchase 401(k) Administration Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of 401(k) Administration Services been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase 401(k) Administration Services yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing 401(k) Administration Services?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for 401(k) Administration Services with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
Experience and Expertise
How long have you provided these products to your longest-tenured client?
What qualifications does your staff have and what measures do you take to keep those qualifications up to date?
What industry do you most commonly supply this product for?
To what extent will ordering multiple products from your firm allow me to save on costs?
What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?
Supply Chain Risk
Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?
Has the availability of raw materials tightened due to the coronavirus outbreak?
Over the past three years, what percentage of your revenue has been dedicated to labor?
How have fluctuations in input prices affected the prices of your products during the past three years?
How do you mitigate sudden price increases in raw materials?
When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?
How, if at all, has your supply chain been affected by import tariffs levied in 2018?
How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?
How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?
What ongoing training procedures do you provide for your staff?
Have you ever been found to be noncompliant with regulatory frameworks?
Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?
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Key elements for every RFP
What should my RFP include?
Buyers should explicitly highlight the number of employees and value of assets of their current plan as pricing will be centered around these factors.
Buyers should state expectations about related fees.
Buyers can consult the Benchmark Price and Total Cost of Ownership sections of this report to estimate what fees they should be willing to pay for services.
Buyers should consider a vendor’s experience and past performances when managing 401(k) plans.
Buyers should evaluate the scope of services that a vendor promises to supply.
Buyers should evaluate how a vendor’s implementation plan aligns with their own operating needs.
Buyers should verify each supplier’s financial stability.
For a detailed list of key selection criteria, buyers should reference the Buying-Decision Scorecard section of this report.
Buyers should outline the timeline for the RFP and project.
Buyers need to include when the RFP documents become available, when the deadline is for written questions, when proposals are due, when interviews will take place and when award information will be available.
Buyers should also include any other relevant benchmark dates, such as the desired date of implementation.