Once you decide if you want a bundled or unbundled plan, make sure you do your due diligence on each retirement plan provider: some providers specialize in one type or the other.

Vendor expertise should always be a top concern, so find out how long each potential retirement plan provider has been in business. The longer they have been around, the better their chances of understanding what employees want, knowing how to deal with ongoing tax changes, and adjusting to market conditions. If they have successfully helped clients in businesses similar to yours, that experience is particularly valuable.

Find out how many plans the provider manages. Most have between three and 10. That’s fine if you’re a small company looking for a basic plan. But if you need a lot of assistance getting set up, or you need to rollover funds, you may want a retirement plan provider with more plan options. Also, learn what their average assets are. Some vendors specialize in certain asset sizes. If your company will contribute less than $1M in assets, a vendor whose clients average $10M in assets or more might not be a good fit.

If you're not sure a traditional 401k plan is right for you, choose a provider who offers alternative options such as IRAs or SIMPLE 401k plans. It's always best to choose a retirement plan provider that can adapt a plan to your company's current and future needs.

If you are new to the world of employee retirement plans, you'll want a vendor who is always accessible for consultations. However, availability doesn't always equate to quality. Make sure they provide a solid mix of good customer service, education, and plan choices. Many providers offer your employees 24 x 7 online access to their accounts to check balances, exchange funds, and research investment options, which will help maintain employee interest and participation. Retirement plan providers should also make sure your plans are compliant and assist you with changes if necessary.

Make sure to get a list of references from each retirement plan provider. Get critical information from the references they supply, including:

• Has the plan been in the best interest of your employees?
• What kind of customer service do they provide (web-based, phone, live chat?)
• Do they provide updated marketing materials, web links, monthly newsletters, etc?
• Do you have online access to account information?
• How do they help keep your plan compliant?
• Do they offer classroom education for your employees?
• Do they offer several plan options, or just a single plan?
• Did you get a complete breakdown of all fees?