<Current Provider Contact Name>
<Current Provider Address>
Dear <Contact Name>:
This is to notify you that <Client> has decided to engage GuideStone Financial Resources (“GuideStone”) as the sole investment provider for our organization’s 403(b) retirement plan. All employee 403(b) contributions will be directed to GuideStone effective <Date>.
Participants will be given the option to transfer their existing 403(b) account at your organization into GuideStone’s investment funds, and we would request your cooperation in processing these transfers in a timely manner. Participants who elect to maintain their existing 403(b) account with your organization will not be permitted to take out a hardship withdrawal or loan from their orphaned account and will not be permitted to make a contract exchange into their orphaned account. Unless we hear otherwise from your organization by email or in writing on or before <Date>, <Client> we will assume that you are carrying out our direction to enforce the restriction on hardship distributions and loans.
Should you have any need for information regarding the administration of a participant’s orphaned contract under our plan, please contact:
<Insert Contact Information>
We appreciate the service that you have provided to our employees and your cooperation during the transition to GuideStone. Please let me know if you have any questions or will need any additional information.