We have the people and experience to know exactly what it takes to implement a plan correctly and on time. Over the last two years we have implemented more than 150 plans accurately and on-time.
We have learned that the best way to ensure a great implementation is to have the same team assigned to the plan on a long-term basis also implement the plan. This eliminates confusion caused by handoffs and preserves the understanding, commitments and relationships built during implementation.
NWPS takes primary responsibility for planning and then executing the conversion. We will work with the incumbent, the trustee, your advisor and your committee to coordinate all aspects of implementation. We will manage the project, do the work and report to you.
This is a two-step process. First, we will carefully review your plan document to ensure that it is compliant with all current regulations. The second step is to review plan operations to ensure that they are compliant with the plan document. During this phase NWPS will share our ideas for improvements to both plan design and plan operations.
We will work with your payroll team or provider to define and develop the data feeds (both ways) required to support plan recordkeeping and operations. This will be tested and validated before going live. We will work with the incumbent recordkeeper to sample and test the form, format and content of all required conversion data. On conversion NWPS will load the data on our system, reconcile at the participant level and then reconcile all data to the plan trust.
We know that moving plans is a major change which impacts all employees. It is critical to have a well-designed, multi-step communication plan to let employees know why you are making the change, how it will affect them and what they will need to do. We know how to do this with minimal disruption and positive results.
NWPS works closely with your incumbent provider, advisor and custodian to minimize the blackout period. We typically have plans live with no more than 10 days of blackout.
Implementation is one of the most concerning aspects of switching recordkeeping providers. There are good reasons for this concern because it is a move that (unlike many corporate decisions) will impact every employee and their money. It is generally expected that any time a company is changing something with their benefit plans that it is not to the employee’s advantage. Given the visibility and employee interest in the switch, a successful implementation requires the following:
NWPS will take the lead role throughout implementation. The client will be primarily in an executive review and approval role. The client’s resources will be required for approval and distribution of required participant communication. NWPS will work directly with the trust company, payroll and the incumbent providers as needed without the client’s involvement.
In the last two years, NWPS has completed more than 150 plan implementations. Over that span we have never been late in going live when promised, and we have never had data/implementation errors.