Congratulations and welcome! Your 401(k) just got a whole lot better!
When your employer switches to a Betterment 401(k), participants go through a conversion process. During this process, the funds that you held at your previous 401(k) will be sold and transferred to cash in order to move them over to Betterment and into your new investment portfolio.
A conversion triggers a “blackout” period, during which you will not have access to your funds. You cannot change investment elections, contribute to, or withdraw from your 401(k) at your prior provider for a short period while your money is transferred to Betterment and deposited to your account.
30 to 90 days before you are eligible to join the new plan, you will receive a custom email with a link that sends you to the Betterment site. You can create your account, change your savings elections, and adjust your investment portfolio.
The amount you’ve elected to save will be deducted from your paycheck and transferred into your Betterment 401(k) account each pay cycle.