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Practice Management

Contract Exchanges with a Non-Payroll Slot Vendor

Q. When are contract exchanges with a non-payroll slot vendor permitted?

A. Contract exchanges with a non-payroll slot vendor are permitted if:

the plan permits the exchange;
the accumulated benefit after the exchange is at least the same as before the exchange;
the employer and the non-payroll slot vendor agree to share information regarding employment and the plan’s terms;
any pre-exchange benefit restrictions are maintained after the exchange; and
the vendor complies with the plan’s terms.