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Breaking from a Long-Term 403(b) Provider
Milliman 
[Guidance Overview] June 9, 2008
Excerpt: A private college wanted to modernize its traditional retirement program, including moving away from its longstanding relationship with a bundled mutual fund/annuity provider. Upon notification of the transfer of recordkeeping and plan assets, the provider informed the college that both its 403(b) and 401(a) plans were covered under contracts between the provider and individual employees, although no copies of the contracts could be found. The employer knew this was the case for the 403(b) plan, but it was unexpected news about the employer-sponsored 401(a) plan.
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