NU Online News Service, April 27, 2004, 3:35 p.m. – Prudential Retirement, a unit of Prudential Financial, Newark, N.J., has introduced an investment-mapping program that permits 401(k) plan participants to keep their original investments when their employers switch plan administrators.[@@]
Investment mapping is used when a 401(k) plan provider takes over an existing employer plan and transfers participant employees’ assets to mutual funds most similar to the funds they had with the previous provider.
Prudential developed the plan for the state of North Carolina and says the opt-out provision is the first of its kind. It was implemented during the changeover of the North Carolina 401(k) plan to Prudential Retirement, begun last September.