Web Content Viewer (JSR 286)

Actions
Loading...

What to Expect When Your Retirement Plan Is Transitioning to a New Provider

What to Expect When Your Retirement Plan Is Transitioning to a New Provider

Plan Transition

Your employer may periodically evaluate your retirement plan and looks for ways to improve upon it. Sometimes helping you become better prepared to reach your goals means transitioning the plan to a new provider.

The Blackout Period

During a retirement plan’s transition, there is typically a short period during which your account may be frozen. This is called a “blackout period.” During this time your accounts and contributions will remain invested, but withdrawals and loan requests are not available. You also won’t be able to change your contributions or investments.

Transferring Your Account

During the blackout period, all plan assets are typically  transferred from the prior service provider to the new plan provider. There are a couple different ways this transfer commonly happens. In one situation, participants’ account assets are mapped over to similar investment options offered by the new plan provider. Alternatively, the plan sponsor may transfer the accounts to a default investment option (or options). After the transition, participants have the opportunity to choose their own investment options.

What a Plan Transition Means for Your Account

Transitioning to a new retirement plan provider is intended to improve the benefit for those who participate. No matter what method is used to transition the plan over to the new provider, plan participants should not lose anything from their accounts, and the process should be fairly seamless. The new provider will provide communication materials throughout the process to keep you updated on what is happening with your account.

Note:

Group annuity contracts are issued by American United Life Insurance Company® (AUL) and registered variable annuity products are distributed by OneAmerica Securities, Inc., a Registered Investment Advisor, Member FINRA, SIPC, One American Square, Indianapolis, IN  46282, 1-877-285-3863. McCready and Keene, Inc. and OneAmerica Retirement Services LLC provide administrative and recordkeeping services and are not brokers/dealers or an investment advisors. Neither AUL, OneAmerica Securities, McCready and Keene, OneAmerica Retirement Services nor their representatives provide tax, legal or investment advice.

Web Content Viewer (JSR 286)

Actions
Loading...
< < Go Back