Plan Conversions

 

The professionals at the Go401k Group are experts in taking over 401(k) plans and we are constantly improving our plan conversion methods.  At the Go401k Group we work with you to allow for a seamless transition and to ensure that your conversion is completed in a timely fashion and your role as trustee is simplified.

Whether you are changing 401(k) platforms, or looking to convert a different type of plan into a 401(k), you will have a single point of contact at the Go401k Group to help make the transition as simple as possible. The plan conversion process includes:

 

Plan Analysis

Before we do anything to your existing plan we must know what we are working with. That is why you should always begin the conversion process with an analysis of your existing plan. The Go401k Group will conduct this comprehensive analysis of your existing plan to determine plan design, compliance and cost.

 

Documentation

Your Go401k representative will prepare all the necessary documentation and explain what each form is, who needs it, and why. We also prepare the plan document, summary plan description and supply employee communication materials based upon the plan provisions that have been approved by the plan sponsor.

 

Employee Communication

Once the initial paperwork is completed, checked, and submitted we communicate the conversion to the employees of the company in an onsite, or online group enrollment. Enrollment materials will then be distributed, the plan provisions will be explained, and all questions about the investment fund lineup will be answered. Once employees enroll in the plan they will have access to their account information 24 hours a day through a dedicated web site. 

 

Contributions

After we receive enrollment forms, assuming all of our other steps have been completed, we can begin making contributions to the new plan. We will work closely with you to gather employee information and help you make your first deposit of contributions to the new platform as well as provide ongoing support.

 

Transfer of Assets

The transfer of existing assets should be done at the same time as the first contributions to the plan. We help the plan sponsor achieve a seamless transfer of existing plan assets to the new 401(k) platform by helping with paperwork, providing expert guidance, and making sure the funds are reinvested properly.