Articles | August 11, 2021

Changing DC Plan Recordkeepers Can Be Complex

The process of procuring services for 401(k), 403(b), 457 or other defined contribution (DC) plans is a significant undertaking that may result in a plan sponsor selecting a new recordkeeper as a means to improving service, cost-effectiveness or both. Although DC plan services have become more standardized over the years, the process of moving from one recordkeeper to another is complex. Risks associated with a conversion include the potential for unexpected disruption to participant accounts, lengthy blackout periods, lost data, costly reconciliations and misunderstood communications.

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In this report, we cover:

  • Steps for successful implementation and management of risks
  • Three critical components of painless recordkeeper transition
  • Common transition challenges
  • Possibility of a smooth and successful transition
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This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.

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