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PlanSponsor: Ensuring A Clean Record Conversion

Dylan Telerski / 14 Feb 2019

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PlanSponsor – the top magazine focused on providing information to retirement plan decision-makers consulted Ubiquity Retirement + Savings founder and CEO Chad Parks for ensuring clean recordkeeper conversions.

While there are steps retirement plan sponsors can take before converting to a new recordkeeper to minimize any “clean up” afterward; however, there is always follow up to do. Parks shares the following expertise:
…Conduct a mini audit of the plan before the conversion. The sponsor needs to supply the new recordkeeper with all of the plan documents, including the financial statement, prior compliance testing and annual reports. This is a good time to ensure all of these are in compliance

Parks also notes that after assets are moved to the new recordkeeper, it is very important to ensure that account balances match, both in total and for each participant.

 

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San Francisco, CA 94104
Support: 855.401.4357

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© 2019 Ubiquity Retirement + Savings
Privacy Policy
44 Montgomery Street, Suite 3060
San Francisco, CA 94104
Support: 855.401.4357

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