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Termination and Replacement of Non-profit 403(b) Plan

We assisted a non-profit entity that sponsored a 403(b) plan for its employees in terminating the 403(b) plan and establishing a 401(k) plan in its place.

This has required coordinating a Request for Proposal (RFP) process to search for an investment manager. This process included preparing the RFP, communicating with advisor candidates, summarizing responses into a comparison chart, advising the client on the responses, and arranging and participating in finalist meetings.

We worked with the investment manager to help the non-profit entity exit some unfavorable annuity products for the 403(b) and terminate the plan. We then designed a 401(k) plan to take its place and prepared all related documents, including the plan document, summary plan description, trust document, and appropriate entity resolutions.