Purpose

The purpose of this SOP is to define the standardized process for reviewing, validating, and distributing wire details and final files for plan deconversions. This ensures accuracy, compliance with data security requirements, and timely communication with receiving providers.

Scope

This SOP applies to all team members responsible for:

• Reviewing deconversion final files
• Sending wire notifications
• Communicating with receiving providers and stakeholders

It covers activities from receipt of approval confirmation through sending the secure wire notification email.

Responsibilities

DMC Team (e.g., Tracy Grace, Ursula Boney)

• Prepare final files and wire calculation
• Request review/approval via email
• Review and sign wire requests

Deconversion Team (e.g., Faith Davis / Jim Dutzar)

• Monitor approval emails
• Validate final files
• Prepare and send secure wire notification
• Update tracking tools

Receiving Provider

• Access secure file
• Process and invest incoming wire funds

Step 1: Confirm Wire Approval

1. Monitor email for notification from DMC (e.g., Tracy Grace).
2. Confirm a response indicating “reviewed and signed” by an authorized party (e.g., Ursula Boney). 
   • This serves as the official signal that the wire is ready for release.

Step 2: Locate Final Files

1. Navigate to the appropriate plan folder: 
   • Example path: Plan Folder → Client → Plan Name → zzTransfer Out         → Wire
2. Open the final wire calculation file: 
   • Naming convention:
      PlanID_transfer out_wire calc

Step 3: Validate File Contents

Review all tabs for completeness and accuracy:

• Wire Calculation Tab
  • Confirm total liquidation amount (wire amount)
• Ledgers Tab
  • Validate totals match the wire calculation amount
• Participant Census
  • Confirm participant data is present
• Additional Tabs (if applicable)
  • Loan data
  • Roth basis
  • Hardship basis
  • Fund list

Perform a full review to ensure no missing data

(e.g., missing loan data requires correction before sending).

Step 4: Prepare Email Communication

1. Create a new email
2. Add recipients:
   • Receiving provider
   • Plan sponsor/adopting employer
3. CC:
   • Yourself
   • Internal stakeholders (if applicable)
4. Use subject line format:
    Notice of Wire Breakdown and Final Files for Plan Deconversion of [Plan Name]

Step 5: Attach Files Securely

1. Upload the wire calculation file via secure link 
   • REQUIRED due to sensitive data (e.g., SSNs)
2. Paste the secure link into the email
3. Never send files unsecured

Step 6: Draft Email Body

Include:

• Provider name
• Wire amount
• Expected receipt date
• Secure link to files

Example format:

Hello,

[Provider Name] will receive a wire for $[Amount] on [Date].

The wire breakdown and final files can be accessed at the following secure link:
 [Insert Link]

Please let me know if you have any questions.

Step 7: Send Email

• Review all details (amount, recipients, link)
• Send email

Step 8: Update Tracking

• Record completion in tracking spreadsheet
• Update with date sent (e.g., MM-DD-YY format)

Decision Points

Required Documents

• Wire Calculation File (Final File)
• Deconversion Timeline Email (for contacts)
• Tracking Spreadsheet
• Secure File Transfer Link

Escalation Process

Notes and Exceptions

• All plan assets must be fully liquidated during deconversion; no residual assets are permitted.
• Participant status updates are not required as part of deconversion.
• Specialized assets (e.g., PCRA/self-directed accounts) must be liquidated by participants prior to processing.
• Always proofread files before sending to avoid rework.
• Typical processing time once files are approved: ~15 minutes.
• Files must always be sent securely due to sensitive participant information.