A recent survey of plan sponsors found 75 percent are interested in information to help them implement and act on new 403(b) regulatory changes, scheduled to go into effect in January 2007. This list suggests ten steps plan sponsors can take to prepare.

•		Gather a list of all current 403(b) vendors. Some employers with dozens of vendors will need to consult their payroll group.
•		Create a plan document suitable for all employees. Plan sponsors should check with their vendor, or legal counsel for sample plan language that can help simplify this process.
•		Create a 403(b) advisory board of key internal employees. Typically, such a group consists of representatives from benefits, finance, legal and other select departments from the organization. An advisory board will be instrumental in helping to determine what the organization wants from its 403(b) plan.
•		Develop a 403(b) plan selection criteria. Include expected services, such as web tools and communications, as well as investment criteria. The selection criteria can be as simple as a checklist or as full blown as a formal RFP.
•		Determine if the organization needs outside assistance from a retirement plan consultant. Try to determine up front if a consultant might be needed to assist with the vendor selection process. The extent of a consultant's work varies based on budget, but can go from simply writing up an RFP, to scoring the final responses and selecting the investments. Not having a well scoped out assignment for an outside consultant can end up costing the organization.
•		Try to narrow the list of potential 403(b) plan vendors. This step will help reduce the time the advisory board needs to spend evaluating vendors.
•		Send the selection criteria or RFP to the list of vendors and request a bid proposal.
•		If applicable, accommodate site visits for potential vendors as part of the selection process. Site tours can be very informative and they will often be very helpful in making a final vendor selection.
•		Select the final vendor, or vendors. Make sure the vendor, or vendors selected have a detailed implementation and communication plan for participants.
•		Continually monitor the vendor, or vendors. Make sure vendors are providing the best available investments and services. Every 5 years or so don't be afraid to put a plan out for bid to make sure that the organization and its participants are getting the best value out of their 403(b) plan.

Fidelity Investments Institutional Services Company, Inc., 82 Devonshire Street, Boston, MA 02109