NAPA Net - Polling Places 090415

What’s the Biggest Conversion Pitfall?

What would a plan conversion be without a “bump” — or two — along the way.

But what have you found to be the biggest complicating factor(s) in a plan conversion?

Question Title

* 1. What have you found to be the biggest (biggest impact) pitfall in plan conversions?

Obtaining historical data from the current vendor.

Takeover Loans

Lack of accurate (or reasonable) data

Getting copies of testing if performed by prior provider after asset transfer.

Dealing with non-cooperative ex-administrators

Obtaining the current plan document and amendments

Obtaining a signed copy of the document

Obtaining information from the current vendor

Identifying the unique issues with each conversion

Determining who performs the tasks in the interim and when responsibilities will transition

Employers failing to distributing notices in a timely manner

Establishing a timeline with the current vendor

Determining the right point of contact at the current vendor

Difficulty liquidating assets at the same time

Other (please specify)

Question Title

* 2. What have you found to be the second biggest (biggest impact) pitfall in plan conversions?

Obtaining historical data from the current vendor.

Takeover Loans

Lack of accurate (or reasonable) data

Getting copies of testing if performed by prior provider after asset transfer.

Dealing with non-cooperative ex-administrators

Obtaining the current plan document and amendments

Obtaining a signed copy of the document

Obtaining information from the current vendor

Identifying the unique issues with each conversion

Determining who performs the tasks in the interim and when responsibilities will transition

Employers failing to distributing notices in a timely manner

Establishing a timeline with the current vendor

Determining the right point of contact at the current vendor

Difficulty liquidating assets at the same time

Other (please specify)

Question Title

* 3. What have you found to be the most COMMON pitfall in plan conversions?

Obtaining historical data from the current vendor.

Takeover Loans

Lack of accurate (or reasonable) data

Getting copies of testing if performed by prior provider after asset transfer.

Dealing with non-cooperative ex-administrators

Obtaining the current plan document and amendments

Obtaining a signed copy of the document

Obtaining information from the current vendor

Identifying the unique issues with each conversion

Determining who performs the tasks in the interim and when responsibilities will transition

Employers failing to distributing notices in a timely manner

Establishing a timeline with the current vendor

Determining the right point of contact at the current vendor

Difficulty liquidating assets at the same time

Other (please specify)

NAPA Net - Polling Places 090415

What’s the Biggest Conversion Pitfall?

Question Title

* 1. What have you found to be the biggest (biggest impact) pitfall in plan conversions?

Question Title

* 2. What have you found to be the second biggest (biggest impact) pitfall in plan conversions?

Question Title

* 3. What have you found to be the most COMMON pitfall in plan conversions?

Question Title

* 4. Got any interesting stories to share about conversions, conversion pitfalls, and/or the lessons learned (or not)?

Question Title

* 5. Suggestions for future survey questions?