TRANSITIONING A 401(k) plan and WHAT TO EXPECT
Over time, a company’s business goals might change and it is a best practice to review your current plan design, recordkeeper, investments, and other service providers to ensure their services satisfy your expectations. Whether your firm is seeking a consultation or a full transition, Premier Plan Consultants is your strategic partner and here to support you every step of the way.
TRANSITIONING A 401(k) can help to:
Attract, Reward and Retain Top Talent
Align Business Goals with Plan Design
Implement a Plan That is Best Fit for Your Company
For your custom plan design analysis we will need copies of:
Plan Adoption Agreement with all plan amendments
Latest discrimination testing
Valuation for the most recent plan year-end
Copy of Form 5500
Once the documents are reviewed and found in good order, we will electronically restate and provide all clients with a secure, paperless copy. Then, we host an on-boarding conference call to clearly identify a timeline for transitioning the plan and to answer any questions.
each year and on-going experience
Every year, Premier Plan Consultants will provide on-going support and complete the following requirements:
Partner with you to offer a powerful company benefit
Be a resource for your questions
Review and monitor your retirement plan to ensure it is meeting employer needs as best as possible
Discuss your current plan design
Recommend updates and changes as company goals and/or demographics change
Complete compliance testing requirements
Review trust asset to ensure all assets are acounted for and in the correct accounts
File the required Form 5500
Then, after the documents are reviewed and found in good order, we will electronically restate and provide all clients with a secure, paperless copy. The next step is to host an on-boarding conference call to clearly identify a timeline for transitioning the plan and to answer any questions.
Plan Sponsor I Premier Plan Consultants I Investment Provider
Setup a welcome call to identify roles and responsibilities
Support with preparing and filling out prior providers transfer paperwork
Discuss the blackout dates and date of asset liquidation
Coordinate with client and payroll provider for smooth transition process
Prepare and distribute employee notices related to transfer
Remove blackout and begin contributions to new provider
Today, businesses of any size can easily establish a 401(k) plan that is reasonably priced, simple to implement, and requires little time to administer. Offering a 401(k) plan not only helps your employees, but also helps your firm be more competitive in the marketplace.