April 29, 2013 – Thanks to federal fee-disclosure regulations that took effect last July, more defined contribution plans have been searching for record keepers — even though many ultimately will stay put.
Fee disclosure regulations “drove more interest to test the waters and review new opportunities,” said Kevin Collins, vice president and head of sales and client services for T. Rowe Price Retirement Plan Services Inc., Baltimore. “Clients don’t leave solely for price, because price can be reconciled. People leave for poor service. There’s more responsibility for providers to show they are offering value.”
Not every request for proposal or request for information leads to a change in record keepers, said Mr. Collins, adding many RFPs and RFIs are the DC-plan equivalent of “kicking the tires.”
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