What are the steps to transfer or merge the saveday plan to another 401(k) provider?

To transfer your plan to another 401(k) service provider, including merging with an existing plan at that provider, follow these steps:

1. Please inform saveday as soon as possible that you'll be moving to another 401(k) provider. The entire process generally takes between 60 to 90 days.
2. Our representatives will initiate the transfer/merger process in our system, which will kickstart the necessary actions.
3. We will require certain information regarding the new provider, including:
   • New plan contacts
   • Wiring information
   • Date of last contribution to saveday
   • Merger date (if applicable)
4. Once the task is accepted, our team will create a timeline for the transfer/merger process, which will include the blackout period and liquidation date. Typically, these dates are set around 2 months after the request to transfer/merge, although they may vary based on the date of the last contributions with saveday.
5. The new provider will need to send blackout notices to participants. These notices must be provided at least 30 days and no more than 60 days before the start of the blackout period.
6. Saveday will liquidate the investments and wire the assets to the new provider according to the provided timeline.
7. Saveday will generate reports for the new provider, which will be located in the Resource Library for you to provide to them. Usually, there are residual dividends that will be sent two months after the original asset transfer to the new provider.