Nonprofit agency with 403(b) plans and about 100 employees makes periodic evaluation and assessment of plan investments. Upon advice of broker plan sponsor agrees to make certain plan investment options obsolete and to "map" existing investments in those options to comparable alternative choices.
Broker/investment provider (a major national firm) provides a notification letter for the sponsor to distribute to participants, identifying discontinued options and new options that account balances will be transferred to (and that will receive future contributions).
Broker/provider gets notification letter to sponsor only a few days before planned investment transfer. Plan sponsor does not understand that notification letter needs to get to participants within the applicable time window.
Investments move to new mapped options.
How can the employer repair the broken 404© process under this situation? Individual meetings between affected participants (around 36 folks) and the broker, offering to let participants back out transfer and select new options, plus earnings, if any)? And/or detailed disclosure to all about performance/fees of old investment options versus new ones?
I would appreciate any suggestions.