PERSPECTIVES on retirement plan conversions
CHANGE THE WAY YOU LOOK AT THINGS
AND THE THINGS YOU LOOK AT CHANGE
The decision to change retirement plan services provider is among the most important and potentially fraught decisions a plan sponsor can make. A successful plan conversion requires extensive planning, precision accuracy, and frequent communications between teams of experts who will manage the process. While a plan conversion may be overwhelming to any plan sponsor, it is especially true for a plan sponsor with no previous experience working through a plan transition. And it does not matter if the defined contribution plan has $1 million in assets or $100 million or even $1 Billion.
Now means NOW!
Many 401(k) plan participants aren’t waiting for the wiz to show up at the office
Until recently, plan sponsors have relied on a calendar of communication campaigns directed to all participants regardless of need to fulfill their fiduciary responsibility. To demonstrate fiduciary responsibility in 2021, plan sponsors still need to deliver all participants the same experience but also to modulate the experience according to the needs of each” just-in-time”, triggered by specified “events”. “On-demand communications” are defined as delivered to the recipient as soon as or whenever required.
