401(k) Plan Transition FAQs
We are pleased to announce that we have chosen USI Consulting Group to administer the Frontier Dental Holdings, LLC 401(k) Plan. This communication highlights some of the Frequently Asked Questions that come up during a plan’s transition. Please read this carefully. You will have the opportunity to ask questions and learn more about the transition at upcoming employee meetings.
Who is USI Consulting Group?
USI Consulting Group is a national consulting firm that has specialized in employee benefits planning and administration for over 30 years. They are one of the largest benefits consulting organizations in the country, servicing over 1,000 plans and more than one million total employees. Their Direct Solutions® program is a comprehensive retirement platform which combines the essential tools and services to help you manage your retirement account.
Can I opt-out of the transition, withdraw my funds, or move them over to another retirement account?
The retirement plan is moving from one provider to another. Current IRS guidelines state that this move does not qualify as a benefit event. For that reason, the funds may not be withdrawn or rolled over to another retirement plan.
What action needs to be taken?
If you are comfortable with your contribution amount and the plan’s investment mapping strategy no immediate action needs to be taken. If you wish to modify your investment strategy, take any distribution, or change how much you are contributing to the plan, you should do so with your current provider prior to the start date of your group’s Blackout Period.
In any case, once the Blackout Period has ended and you have access to your account through www.usicg.com you will need to re-designate your beneficiary(ies) as it’s the only information that cannot be transferred.
Will I need to re-enroll in the plan?
No, your contribution amount will continue to be deducted throughout the transition period and your funds will map to similar or like investments within the new platform at USICG. You will be able to make changes to your contribution amounts, investments, or request distributions before the Blackout Period through your current provider or through www.usicg.com after the Blackout Period is over.
How long will my funds be out of the market?
Account liquidations usually happen overnight so there is minimal impact on your investment strategy. Typically, funds are liquidated at the close of business one day and deposited into the new investment lineup the following day.
What happens if I don’t agree with the mapping strategy?
You are able to make a change to your lineup through your current provider before the beginning of the Blackout Period in case you are not in agreement on where one or several of your investments will map to.
What will happen to my loan if I have one outstanding?
Outstanding loan information will be transferred to the new platform with USICG. Payments toward any current loans will continue to be deducted from your paycheck throughout the transition process. After the transition, you will be able to access your loan details and payoff information through www.usicg.com.
Will my beneficiary information be transferred over?
Unfortunately given its legal nature of beneficiary information will not be able to be transferred over and you will need to redesignate your plan’s beneficiary through www.usicg.com once the Blackout Period is over.
How does the match work?
Please see the Frontier Dental Match Communication PDF below.
Match Communication
Navigating Web Access
Morningstar Retirement Manager
Online Beneficiary Access
