While we are always sad to see our client leave, we try to make the transfer process as streamlined as possible. To move your plan to another 401(k) service provider, including merging with an existing plan at that provider, follow the steps outlined below.
Inform Guideline sponsor support that you’ll be moving to another 401(k) provider as soon as possible. In general, the entire transfer process takes around 60-90 days.
Our representatives will initiate the transfer or merger on the system, which will kickstart the process.
Look for a task in your dashboard requesting the new provider. The information we need typically includes:
New plan contacts
Wiring information
Date of last contribution to Guideline
Merger date (if applicable)
Once the task is accepted, our team will generate a timeline for the transfer or merger process that will includes the blackout period and liquidation date.
Typically, these dates are 2 months out from the request to transfer/merge, but may vary based on the date of the last contributions with Guideline.
This timeline will also appear in your dashboard for your reference.
The new provider will need to send blackout notices to participants. These notices must be provided at least 30 and no more than 60 days before the start of the blackout period.
Guideline will liquidate the investments and wire the assets to the new provider based on the timeline provided.
Guideline will generate reports for the new provider, which will be located in the Resource Library for you to share to the new provider.
Typically, there are residual dividends that will be sent 2 months after the original asset transfer to the new provider. You will be notified by email when new reports are available for the provider in the Resource Library.
Please note that if the last contribution date to Guideline is not the end of the plan year, Guideline will not be responsible for any compliance testing associated with the plan year in which you transfer or merge.