Changing 401(k) Recordkeepers? Strategies to Make the Process Seamless vs. Stressful!

The idea of changing workplace retirement plan recordkeepers, or going through a "conversion" in retirement plan lingo, can be a daunting and stressful proposition if you are not familiar with the process.  If it has been a little while since you changed recordkeepers or if you just never had the pleasure, my conversation today with Tom Dennis, Director and Head of Defined Contribution Implementation Services for John Hancock should be helpful.  We tackle head on some of the most common concerns and misperceptions such as the need to make a change on January 1st, how long blackout periods last, what happens to your employees' money during a conversion and much more! We will also leave you with several strategies to help you take the mystery and stress out of the process so that your upcoming or next record keeping change can dare I say, be as close to seamless as possible! Guest Bio Tom Dennis is Director, Defined Contribution Implementation for John Hancock Retirement Plan Services (JHRPS), a position he held with New York Life Retirement Plan Services, which merged with JHRPS in April 2015.  In this role, he is responsible for the oversight, guidance, and support of a team of Project Managers implementing plans onto JHRPS's mid and large market recordkeeping platform. With 28 years in the retirement industry, Tom provides overall accountability for the successful implementation of new defined contribution qualified and non-qualified plans, and corporate action activity. Prior to joining the JHRPS, he most recently worked as Associate Managing Director of Retirement Research for LIMRA Secure Retirement Institute. Prior to LIMRA, Tom spent 11 years at Fidelity Investments leading large market Implementation and Client Service teams.  Tom received a B.A. in Economics from the University of Connecticut, and an M.B.A. from the University of Hartford. Outside of work, he enjoys golf, and is the former President of the Tolland (CT) Soccer Club.  401(k) Fridays Podcast Overview Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your workplace retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over eighty five prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!