navigation icahn conversion to t. rowe price it’s about being there. icahn conversion to t. rowe...
TRANSCRIPT
Navigation
Icahn Conversion to T. Rowe Price
IT’S ABOUT BEING THERE.
Icahn Conversion to T. Rowe Price
Navigation
Conversion OverviewC
onve
rsio
n
Tw
o
Con
vers
ion
One
Con
vers
ion
Thr
ee
All Conversions
Complete
July 2009 August 2009 September 2009 October 2009 November 2009 January 2010
Convert plans from Principal & Hartford
Convert plans from Fidelity
Convert plans from Prudential
December 2009
Navigation
Process Overview
Month VMonth IVMonth IIIMonth IIMonth I
Test valuation from existing providers
Plan sponsor approval
Icah
nT
eam
Icah
n P
artic
ipan
t
Initial planningsession w/TRP
Communication audit
Conference calls
Formalize investment strategy
Begin production
Announcementletter mailed
Prepare service agreement
Conversion brochure & SOX notice distributed
Follow-up with existing providers
Information kits sent Phone lines open
Employee meetings
ƒ
Service agreementfinalized and executed
Conversion data to TRP
Full services
begin
Create participantdata base
Submit test data
ƒ
Conversion money to TRP
TR
P C
onve
rsio
nT
eam
TRP to submit test salary deferral & loan extract file
ƒ
Plan features and resume on system
ƒPost conversion
Window period turned on for auto investment
ƒ
Approve administrative procedures
Navigation
Icah
nT
RP
Par
ticip
ant
Month One Objectives
TRP Team:– Review Plan documents/
Summary Plan Description– Prepare planning document– Prepare communication audit
document– Identify key decisions and
outstanding questions– Prepare service agreements– Prepare administrative procedures
Icahn Team:– Deliver Plan documents/
Summary Plan Description– Identify internal resources– Notify current provider– Select investment menu– Identify employee meeting needs– Finalize plan design
Combined Team:– Conduct initial planning meeting
– Plan design– Services– Determine payroll required files– Determine payroll file layouts– Determine payroll file testing timing
– Conduct communication fact-finding– Identify processing time frames and due dates– Establish communications success criteria– Conduct regularly scheduled status meeting
conference calls
Month OneMilestones Plan Sponsor selects
investment menu
Initial planning session/Communication fact-finding (Discuss plan design/payroll services)
Navigation
Icah
nT
RP
Par
ticip
ant
Month Two Objectives
Conference call with existing providers
Month TwoMilestones
Finalize communication strategy
Announcement letter mailed
TRP Team:– Prepare conversion brochures and
SOX notices– Review and evaluate data feed
for contribution/maintenance files– Setting up the plan features
on the recordkeeping system
Icahn Team:– Review service agreement
and provide comments– Review and finalize
administrative procedure– Provide final approval for
communications strategy
Combined Team:– Conduct regularly scheduled
status meeting conference calls– Announcement letter distributed– Conference call with existing
providers
Navigation
Icah
nT
RP
Par
ticip
ant
TRP Team:– Develop and review plan text for phone
representatives– Existing providers send test valuation file– Reconcile test conversion from existing
providers– Identify data/assets issue– Prepare test salary deferral and loan
extract file
Month Three Objectives
Combined Team:– Conduct regularly scheduled
status meeting conference calls– Follow-up call with existing
providers
Icahn Team:– Prepare live start-up file– Prepare test data for
contribution/maintenance– Review comments on test
results– Review and provide
comments on test salary deferral and loan extract
– Review and approve conversion brochures and SOX notices
Month ThreeMilestones
Submit live start-up
Follow up call with existing providers
Conversion brochure and SOX notice distributed
Submit test data (indicative data and contribution)
Test valuation from existing providers TRP to submit test
salary deferral and loan extract files
Navigation
Icah
nT
RP
Par
ticip
ant
Month FourMilestones
TRP Team:– Post live start-up to populate participant data
base on TRP recordkeeping system– Set up system for employees to obtain
general plan information and fund information
– Conduct employee meetings– Window period turned on for auto
investment opt out– Finalize and execute service agreements– Finalize administrative procedures
Icahn Team:– Review and finalize
service agreements– Review and finalize
administrative procedures
Month Four Objectives
Execute service agreements
Combined Team:– Conduct regularly scheduled
status meeting conference calls
Information kits sent Window period turned on for auto investment opt out
Conduct employee meetings
Live start-up data posted to create participant database/ phone lines open
Navigation
Icah
nT
RP
Par
ticip
ant
Month Five
Milestones
TRP Team:– Conversion money to TRP– Conversion data to TRP– Prepare conversion complete post
cards– Post conversions– Set up participant’s statement format– Operation manual complete– Post first contribution and
maintenance files
Icahn Team:– Review and authorize posting
of conversion– Review and approve
participant’s statements– Prepare first contribution and
maintenance feed for transmission to TRP
Month Five Objectives
Combined Team:– Conduct regularly scheduled status
meeting conference calls– Finalize any outstanding conversion items– Transition to day-to-day team
Conversion data to TRP
Authorize posting of conversion
Invest assets
Reconcile and post conversion
Full service begins
Navigation
Conclusion
Month VMonth IVMonth IIIMonth IIMonth I
Test valuation from existing providers
Plan sponsor approval
Icah
nT
eam
Icah
n P
artic
ipan
t
Initial planningsession w/TRP
Communications audit
Conference calls
Formalize investment strategy
Begin production
Announcementletter mailed
Prepare service agreement
Conversion brochure & SOX notice distributed
Follow-up with existing providers
Information kits sent Phone lines open
Employee meetings
ƒ
Service agreementfinalized and executed
Conversion data to TRP
Full services
begin
Create participantdata base
Submit test data
ƒ
Conversion money to TRP
TR
P C
onve
rsio
nT
eam
TRP to submit test salary deferral & loan extract file
ƒ
Plan features and resume on system
ƒPost conversion
Window period turned on for auto investment
ƒ
Approve administrative procedures
Successful conversion of the plans!