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Non-Prototype Accounts


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Hi, 

One plan is moving to the "retail" and making the current RK as the custodian and not the record keeper.  The accounts can be used to hold 401k assets on the "retail" side of where the plan is record kept. 

In order to open these types of accounts, the Plan Sponsors must sign a new Retail Adoption Agreement and a new Retail Service Agreement, in order to do this the plan must terminate.  

My confusion is "Will this be even considered as a Plan termination"  as per my understanding Plan termination is a corporate action, participant have the right to choose they distribution option, they cannot simply be moved over to retail side.  

Can participants just be rolled over ( Active and Terminated) into the retail account?  I've never encountered something like this. 

Thanks 

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