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 *
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 *
* 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 *
* 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 *
* 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
