Once the request to terminate or transfer the plan is processed, our team reviews the documentation, operation, and recordkeeping of your plan. We want to ensure that there are no outstanding items that need to be addressed before either your employees take a distribution or we transfer the asset to your new service provider.
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For terminating plans, we review the account prior to employee distributions, as we want to find and resolve any issues upfront, rather than after employees have requested a distribution. During the review process, we may discover an issue that needs to be resolved prior to moving forward. We will work together to wind down the plan in a compliant manner with your cooperation to resolve any outstanding corrections.