You have decided to move your 401(k) Plan to a new provider!  What are the steps and what is the best way to do it?


  1. Logistical decisions to be made in advance
  • Change in Plan provisions- match, loans, vesting, etc.
  • Method to transfer the funds- mapping, new participant choice
  • Group or individual enrollments


  1. Initial paperwork:
  • Plan Document- Incorporates your plan features and update your plan to stay compliant
  •  Investment Company Application- Establishes investment choices, recordkeeping and other fees, mapping instructions
  • Third Party Administrator Application- Identifies who is doing the work to handle the behind the scenes paperwork and the costs to do it.


  1. Employee enrollment
  • Online enrollments for employees with advisor personal assistance
  • Pre-tax versus Roth participant contribution discussion
  • Risk assessment
  • Investment guidance
  • Beneficiary designations


  1. Training for Human Resources staff
  • Submission of payroll
  • Notification of new hire to TPA, so we can call when employee is eligible
  • Notification of terminating employee, so we can follow up to determine their intention
  • Notification when employee needs a loan or distribution


By being thorough and giving attention to your participants, you will have better participation and more appreciation for your plan and the benefit it provides to your employees.


If you are missing any of the steps with your current provider, contact us and let’s have a conversation about your plan and how we can help both you and your participants be more successful!