FAQ 558: Full Liquidation and Transfer Out of DVDirect

Problem: We have a client that will have all assets liquidated and moved to a new recordkeeper. Can you please provide the best way to complete the sale of all assets for all participants, as well as a suggestion for generating data files for the new recordkeeper?

Solution: My suggestion would be, after reconciling, provide instructions to your trading partner (MSCS?) to liquidate all of the holdings. That way they know the assets are being liquidated (they need to know for some reason) and you can be sure the correct units are being sold. The distributions won't be shown in ASC, but you'll at least be left with a final accounting of the assets. If this is through MSCS, you'll have to email them. In the future, you can generate the plan level trades via BridgeNet. There is an extract that you can produce and send to the new recordkeeper: Utilities, Export, Client to ASCII Files. This produces a series of ASCII files with the plan financial info.