Working in tandem with the plan advisor or consultant, AFS's dedicated and experienced professionals take full responsibility for the implementation of the plan as well as its ongoing servicing. Each plan sponsor is assigned a single point of contact to manage the implementation and plan service activities.
The first phase of implementation is data gathering and documentation. To move from general planning concepts into the specifics of an active plan AFS and the consultant must:
- Complete a questionnaire to establish specific plan features such as who is eligible, the definition of retirement, vesting, the acceleration of vesting.
- Hold an On-boarding Call to introduce all the parties and work through the plan features questionnaire with the consultant and sponsor to finalize all of the elements of the plan design.
- Prepare a sample plan document as well as a plan service agreement for the sponsor to review with their counsel and execute.
Loading and Set-up
The second phase of implementation is the Deferral.com plan loading process and the customization of enrollment materials. Every plan is unique requiring care and attention to get it set-up and running in a timely fashion. A dedicated team of technical specialists, led by a designated account manager, is assigned to each plan load or conversion. Each plan set-up follows a project schedule which includes dates for balance conversions, black-out periods if necessary, and enrollment events.
The plan enrollment materials are customized to the specifics of the plan and include:
- A Summary Plan Description
- Enrollment Instructions,
- Enrollment Presentation – PowerPoint
The plan advisor or consultant will hold enrollment meetings to explain the benefit, walk through the enrollment process and answer any participant questions. In the final phase of enrollment, AFS will monitor the progress of the eligible group as they access the system and make their elections. We will make regular progress reports and coordinate the follow-up efforts to ensure that the enrollment is as successful as it can be.