Hospital Retirement Plan Advisor & Recordkeeper RFP Case Study

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North Pier Search Consulting led a hospital and healthcare client’s search for a retirement plan advisor and recordkeeper for their $700 million 401(k) & 457(b) plan.


North Pier was engaged to lead an ERISA advisor and recordkeeper dual search for a $700 million 401(k) and 457(b) retirement plan for a hospital and healthcare client.

This client had not run a service provider search for at least ten years, which prompted them to fulfill their fiduciary duty to monitor by hiring North Pier.

Findings & Process

Through thorough document review and interviews with both Committee and staff, North Pier discovered:

  • Both advisor and recordkeeper fees were significantly above market.
  • Recordkeeper fees were particularly high because of the amount of proprietary and high revenue-generating funds.
  • Communications from the recordkeeper drove participants towards high-level funds.
  • Over the years, the industry had advanced, particularly in the area of participant engagement, and these services were not being fully implemented or offered to the client.

Advisor and recordkeeper searches were then conducted by North Pier. This process included:

  • Development and distribution of detailed RPF.
  • Track record and in-depth analyses on advisors and recordkeepers.
  • Selection of finalists and moderation of selection conferences.
  • Negotiation and reviewal of fees and contracts.


Advisor Search:

  • A new, ERISA-focused advisor was hired, offering the client strong participant engagement capabilities and tools.
  • 50% reduction in advisor fees.
  • ~$2 million annual savings in fund manager fees.

Recordkeeper Search:

  • North Pier negotiated a 35% fee reduction from the incumbent until the implementation of the new recordkeeper.
  • The new recordkeeper provided enhanced services with savings of almost 50%.

*Performing simultaneous searches for two of the plan’s service providers saved the client considerable time and consulting fees.

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