What To Do When Your Retirement Vendor Is Sold

PUTTING PEOPLE FIRST

The retirement plan industry is undergoing a wave of consolidation, with many 401(k) vendors merging with competitors or being acquired. Their pending merger may be in the best interest of the companies combining, but is their deal in your best interest?

As a plan sponsor, when your record keeper changes, you have a fiduciary obligation to research what is happening and how it affects both your organization and your participants. While this may be a good move for your plan, accepting an automatic conversion remains a fiduciary decision. Plan sponsors should initiate a process to determine whether the change is best for plan participants and beneficiaries, or if an alternative solution would be better. A plan sponsor also needs to document that decision. Your documentation should include a thorough review of the cost and benefits of any change.

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