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Prepare to Transition to a New Retirement Plan Provider

Prepare to Transition to a New Retirement Plan Provider

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Transition Planning

Transitioning your retirement plan to a new provider can seem overwhelming. Follow these suggested tips and guidelines to make the process more manageable.

Gather Information

To set up and administer your plan appropriately, a new provider will need key information about your company, including:

  • Your company’s business structure, ownership, employer identification number, etc.
  • Tax and ERISA exempt status
  • Payroll information
  • Fidelity bond (company and amount)
  • The date your company was established and/or incorporated
  • Any other active retirement plans your company may have

You should also gather your plan’s documents, such as the adoption agreement and the summary plan description. Your new provider likely will need employee data, such as names, addresses and employment statuses. Work with your financial advisor and/or corporate counsel to gather the appropriate information for the new provider.

What to Expect

Generally, after signing an agreement with your new provider, you and/or your provider will need to take the following steps:

  • Provide a blackout notice and any other required notices to plan participants.
  • Review and sign plan documents.
  • Map and transfer plan assets. Mapping is the process of moving current assets to comparable investment options within the new contract to help maintain asset performance during the transition.
  • Host enrollment meetings for your employees.
  • Develop and implement a communication plan.
  • Restate plan documents to include any regulatory or other changes.

Every company and retirement plan is slightly different, so there may be other processes and steps to follow. A good plan provider will support you throughout the process — providing information, assistance and guidance. Contact financial professional if you have questions or need more information about transitioning to a new plan provider.
 

Note:

This information is provided for overview or general educational purposes only. This is not to be considered, or intended to be legal or tax advice. Changes in the tax law may affect the information provided. For personalized assistance, including any specific state law requirements consult a legal or tax advisor.

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