Plan Conversion

Switching Your Retirement Plan Over To EIP Is Administratively Easy!

How Long Does a Conversion Take?

Conversion timelines will vary depend upon your outgoing provider, but typically your plan will transfer within 40 to 90 days. There are four main step in converting your retirement plan: client onboarding, plan documents, employee enrollment & asset transfer.

Conversion Responsibilities

Stage

1

Days 0 to 10 ⁱ

ⁱ Subject to current provider’s requirements

Client Onboarding

EIP

Plan Sponsor

Initial Steps

Send service agreement via DocuSign
Provide template letters to notify current service provider(s)
Create & send your EIP Cloud Vault login instructions
Develop plan’s designated investment lineup & investment mapping if applicable

Initial Steps

Sign service agreement sent over DocuSign
Notify prior services provider of plan termination — download termination email template.
Upload existing plan documents & supporting info into your EIP Cloud Vault — download document checklist.
Complete Employer Information Sheet — download.

STAGE

2

Days 0 to 15 ⁱ

ⁱ Subject to current provider’s requirements

Create Plan Documents

EIP

Plan Sponsor

Plan Document Review

Review existing plan documents & Employer Information Sheet for plan provision improvements
Establish a transfer timeline &  blackout period dates (determined by previous provider)
Prepare & send final plan document package — adoption agreement, new account paperwork & fiduciary forms.

Plan Document Review

Confirm any recommended plan provision changes
Confirm plan’s designated investment lineup
Sign the Adoption Agreement and new account paperwork

STAGE

3

Days 15 to 30 ⁱ

ⁱ Subject to current provider’s requirements

Communication & Enrollment

EIP

Plan Sponsor

Plan Creation

Send enrollment materials & instructions to eligible employees
Schedule enrollment meetings

Plan Creation

Send EIP the email address that you want attached to ongoing plan enrollment notifications
Have enrollment meetings

STAGE

4

Days 30 to 60 ⁱ

ⁱ Subject to current provider’s requirements

Transfer & Reconciliation

EIP

Plan Sponsor

Asset Transfer

Receive plan assets & records from previous provider
Hold a webinar & assist on first payroll upload
Transition to ongoing admin team

Asset Transfer

Payroll training & upload 1st payroll with EIP

401k Plan Provider ― 401k Third Party Administrator ― 401k Plan Adviser