I hate moving. I’ve lived in the same house now for 16 years and I dread the idea of moving and I haven’t put the house up for sale. That’s why I always loathe when there has to be a change of third-party administrators (TPAs).
Many times it has to be made, for the sake of the 401(k) plan. Yet, when any change is made, you have to make sure the transition is smooth. The idea that conversion will force a 401(k) plan to get mothballed more than a few weeks isn’t ideal, I think it would be a terrible thing for a plan that gets mothballed for 3 months. I’ve seen situations where plans have had to seek counsel because they had to go through the trouble of opening bank accounts, just to keep the plan moving.
Changing plan providers need to buy like the trade of the baton in a relay race, it can’t afford to be dropped.
