Summary
This guide outlines the process for converting a 401(k) plan to 401GO. It begins with Phase 1, which involves pre-transfer preparation, including submitting existing plan documents for due diligence review to identify protected benefits. This review typically takes 48 hours. The next step is signing necessary documents, allowing employees to contribute to the new account while awaiting asset transfer. Support assignments are also established, with a conversion specialist and a Client Support Manager assigned to assist throughout the process. Phase 2 details the asset transfer and allocation, indicating that the prior provider sets the transfer timeline, usually between 45 to 60 days. During this time, integration with 401GO is established, and employees are notified about the process. The asset transfer involves removing funds from the market and reallocating them to participant accounts, which can take around 30 days. The guide emphasizes the importance of communication with the prior provider to ensure a smooth transition.
