IMPLEMENTING THE FREEDOM 401(k)

Did Someone Hit the EASY BUTTON?

Plan installation and conversion of existing plan assets can be a complex and time sensitive process. Freedom One has a dedicated team of installation specialists and an efficient process designed to achieve the most seamless transition as possible. Your assigned Client Relationship Manager (CRM) will make it simple for you as they take a proactive approach to managing every detail of the plan conversion process. 

Your CRM will work directly with your previous provider, conducting daily meetings if necessary, in order to make the process go smoothly.  Your transition to Freedom One will be quick, easy, and trouble free.

PHASE	TIME LINE	WHAT TAKES PLACE	RESPONSIBLE PARTY
Info Gathering	Week 1	Plan Document Adoption Agreement Plan Amendments Summary Plan Description IRS Determination/Opinion Letter Surrender/Liquidation Information Prior plan accounting per participant Misc. company information (compliance, census, bond, etc.)	CRM/Agent/Prior Provider
Planning the Process	Weeks 2-4	Sarbanes-Oxley Act (Blackout Notice) creation Conversion strategy completed Review of Plan Documents Preparation of Old vs. New Execution of Service Agreement, Investment Advisory Agreement, and new Plan Documents Send Fidelity Application for plan set up Prior service provider call completed	Freedom One Financial Group
Asset Info Gathering	Week 5	Participant asset balances Participant allocations	Prior Provider
Investing Contributions	Weeks 6-7	Mapped funds finalized and authorized Determine first contribution cycle Plan Sponsor Web activation Train plan sponsor on payroll submittal Process contribution	Freedom One Financial Group
Transferring Assets	Weeks 8-9	Validate records and reconcile assets Assets transferred	Freedom One Financial Group
Transition to CRM	Week 10	End of Blackout Website and Voice Response activation Plan transition complete	Freedom One Financial Group