Due diligence begins after plan setup and initial deductions. The merger process begins after the plan has been setup. For the takeover of assets and due diligence a fee of $350 + $3 per participant will be charged.
Those assets will typically be out of the market for several weeks or even longer until a complete accounting is received. After receiving an accurate accounting and all enrollment forms, the money usually is invested within four days.
During the transition period, the plan assets do not earn interest and Slavic will not be responsible for missed market gains. These transfers are done on a best efforts basis.
Slavic will ask that the old custodian hold the liquidated assets until an accounting can be provided.Some of the larger institutions can take up to four weeks to compile that accounting after liquidation.
The client should NOT tell their current custodian to liquidate and send the money to Slavic without first receiving an instruction letter from the merger department of Slavic
If you are with a new employer and have a 401(k) balance in a plan with an unrelated employer, you may be able to transfer that balance to the Multiple Employer Plan by submitting a Rollover Questionnaire for approval. If your former employer plan happens to be a PEO single employer plan, you can't merge or rollover your balance into the multiple employer plan. In this case, you should roll directly to an IRA
The Rollover Request Form requires your administrator's signature to verify that your former plan is qualified with a determination letter.