Welcome to a better 401(k)!
When your employer switches to a Betterment 401(k), participants go through what’s called a “conversion” process. During this process, the funds that you held at your previous 401(k) will be sold and transferred to cash, in order to move them over to Betterment and into your new investment portfolio. A conversion triggers a “blackout” period, during which you will not have access to your funds - essentially you cannot contribute to or withdraw from your 401(k), and you may lose access to your participant dashboard with your previous 401(k). Best practice is to download all your statements as soon as you know that you are converting to a new 401(k) vendor. Your assets will show up in your Betterment 401(k) account in 4-8 weeks.
30-90 days before you are eligible to join the new plan, you will receive a custom email with a link that sends you to the Betterment site to onboard to your 401(k). You can create your account, change your deferral elections and adjust your investment portfolio. Here is a comprehensive guide to help you get started.
The amount you’ve elected to defer will automatically transfer into your Betterment 401(k) account each pay date.
The information in this section is provided by Betterment LLC, a registered investment advisor.
