Retirement Plan Services Transition Resources
At Johnson Financial Group, we strive to provide your organization with the data and insights to help your retirement plan grow, as well as elevate the retirement readiness of your participants. As our business continues to grow, we’ve found that we’re outgrowing our current technology solutions and partners.
With that in mind, we are excited about the transition to new technology partners. This transition will help us better serve you and your participants by:
- Deepening our fiduciary investment advisory/management services
- Tripling our payroll integration partnerships to help you automate plan data flow
- Enhancing plan data reporting
- Improving participant statements
- Simplifying participant online services
- Providing a full suite of financial wellness education for participants
- Improving our participant service center
- Keeping your data and information secure
Our team is working hard to make sure that these changes occur with minimal disruption to you and your employees. We thank you for your trust and confidence in helping your employees prepare for a successful retirement.
Download our helpful checklist on how to prepare for this transition.
Preparing you for the transition
In the following sections, you will find detailed information and instructions that will help you and your organization prepare for the transition.
Updated Contribution & Payment Instructions
Click here to review our updated funds transfer instructions for plan contributions and any plan invoices. The updated payment instructions are effective September 13, 2021.
Your BIN Number
The funds transfer document references the plan’s “BIN” number, needed within payment references. BIN stands for Bank Identification Number, or your Plan’s Account Number.
Our new platform uses an 8-digit account number, where we previously used 9, but we are keeping your existing account number as close as possible. In most cases, we have dropped the last digit. To confirm your updated Plan Account Number, you may:
- Reach out to your Relationship or Account Manager, and they will confirm your updated Plan Account Number via JohnsonSecure encrypted email.
- Retrieve your new Plan Account Number by running a (new!) simple plan report. Click here to view instructions on how to access the plan report.
If you have payrolls to process during this time, it’s important to note the following:
Contribution Processing Method
File uploaded via Plan Sponsor Web or File sent via email
File sent via USPS
Deadline to Submit File(s) Before Platform Upgrade
JFG will notify your payroll provider that your file(s) must be transferred overnight September 1, 2021 to be processed the morning of September 2, 2021. As you work with your payroll provider over the next several weeks, please confirm this.
File(s) must be uploaded or emailed no later than 1:00pm CST on September 2, 2021.
File(s) must be received by September 1, 2021 for processing.
New File Submission After Platform Upgrade
JFG will notify your payroll provider of any changes to the remittance process. There is no further action you need to take.
Access will remain through www.johnsonfinancialgroup.com > Commercial > Login > Retirement Plan Sponsor Access
We will also provide you with an updated direct URL to bookmark as we complete the transition.
Your FILE will still be sent to JFG Recordkeeping at the same Racine Address. Any CHECKS must be sent to MATC – address linked here.
Frequently Asked Questions
Johnson Financial Group (JFG) is engaging in a partnership with two firms to assist us behind the scenes with our custodial and recordkeeping services.
- American Trust Retirement will be supporting our recordkeeping platform and functionality.
- Mid Atlantic Trust Company (MATC) will support custodial activities for the retirement plans we service.
These partnerships will allow JFG to leverage the combined technology, ERISA & fiduciary support, plan reporting resources and retirement planning tools to further enhance our fiduciary support for your organization and elevate the retirement readiness of your participants. Specifically, the new participant recordkeeping platform will offer:
- an improved and more user-friendly participant interface.
- expanded access to retirement planning tools and resources.
The great news? You will keep the same account access functionality you and your plan participants are accustomed to.
Your JFG Retirement Plan Services (RPS) team will remain the same and will continue to serve as your single source provider for you and your plan participants.
Our existing recordkeeping and custodial reporting platform will be decommissioned effective September 2, 2021. Our new recordkeeping and custodial platform will be accessible effective September 13, 2021. The migration of plan data between reporting platforms will occur during this timeframe.
JFG sent out Blackout Notices to plan participant to comply with the required 30-day advance notification of any scheduled system outage.
Our goal is to have your plan data and investments converted to the new platforms by Monday, September 13, 2021. This means there will be a limited access period to plan data (September 2 to September 13) while we balance and reconcile everything in the plan down to the last penny and fund unit. We sent out the appropriate Blackout Notice to your participants electronically or hardcopy depending upon their preference.
While your JFG team and the functionality and design of the platform will remain the same, there will be several changes post transition, including:
- Access to the new platform will require both plan sponsors and participants to re-establish a new user ID, password, and security questions.
- The URL address of our retirement plan login page will change. This only impacts individuals that bookmarked the existing login page and use this method to access their account. In this instance, the bookmark will need to be updated. Individuals that go through our website, JohnsonFinancialGroup.com, to gain access to their retirement account will be automatically directed to the appropriate login page.
These partnerships are driven by JFG’s desire to continue to stay competitive and relevant in the retirement plan services industry. Having a recordkeeping and custodial platform that can conform and adapt to the continually evolving technologies designed to enhance information connectivity and elevate the plan sponsor and participant experience is critical to achieving this objective.
Longer term, these strategic partnerships allow us to offer better and more cost-effective solutions than continuing to maintain a similar infrastructure in-house.
They also allow us the ability to focus on our core competencies - working with you and your organization to offer a great retirement program to your employees and help them plan for and achieve a financially secure retirement.
We encourage you to contact your Johnson Financial Group Relationship Manager if you have any questions.