Rick Irace Discusses Recordkeeper Conversion Process

In a recent article published by PLANSPONSOR, ​​chief operating officer Rick Irace discusses the importance of ensuring the accuracy of data from previous service providers when converting a retirement plan to a new recordkeeping platform. “The part that gets everything going and rolling is the census data,” Irace explains. “That really is the most critical aspect, to ensure we have accurate, indicative information on participants – name, address, date of hire, etc.” ​Irace also comments on the process of efficiently transitioning retirement plan assets: “Assets should be moved as efficiently as possible. The quicker this can be done, the shorter the blackout period in which participants will not have access to their funds.”