Converting plan data to a new recordkeeper is a detailed and meticulous process. We take the lead in coordinating the transition with your recordkeeper and fund custodian. We make the process as smooth as possible and limit your involvement. However, we always keep you informed and up to date with the progress being made. A customized conversion plan is developed for you, including planning, establishing communications with the prior recordkeeper, converting accounts and verifying data. The following describes some of the tasks we can assume:

We review current plan documents, asset information, service requirements and identify questions and concerns about the plan or administration.

We initiate a meeting and/or conference call with you to:

establish conversion schedule
discuss communication needs for participants
identify client contracts
review asset transfer

We prepare and send a package to you that includes a written conversion agreement, sample specifications for data requirements and participant conversion notice.

In conjunction with you, we establish communications with the prior recordkeeper to:

outline our needs for data submission
confirm your list of outstanding commitments
negotiate time frames for data submission
request hard copy of participant final balances

We receive data from the prior recordkeeper and input conversion data, test data and resolve any edit problems.

We balance participant records to assets, produce plan level and participant level summaries, and send copies to you for verification. Although ongoing contributions are administered throughout the conversion process, participants will not be able to request distributions, transfers or account balance information until you have approved the completion of the conversion process.

We anticipate the entire conversion to take between two and three months. As mentioned, the conversion process is detailed and you can be assured your Case Management Team will work with you to complete the transition as rapidly as possible, demonstrating just why you have made the right decision in awarding us your business.