Please click the links to the right to learn about the services PenChecks offers.
IRA Services (Auto Rollovers)
Missing Participant IRAs
A Missing Participant IRA (Auto Rollover) is the transfer of a terminated participant’s account balance from a qualified plan into an IRA because the participant is either non-responsive to requests to take their account balance out of the plan or is missing (i.e. returned or undeliverable mail). The Missing Participant IRA is similar to a Default IRA in that it is a “forced” transfer of a participant’s account balance to an IRA. The difference from a Default IRA is that there is no $5,000 dollar limit for the Missing Participant IRA AND the retirement plan must be terminating. To learn more how Missing Participant IRAs (Auto Rollovers) benefit Plan Providers, Administrators, Sponsors, and Participants and more details about Department of Labor Participant Notification Regulation and Safe Harbor Requirements, click here.
When a plan is terminating and participants are either non-responsive or missing, PenChecks Premier Missing Participant IRA Service will streamline the termination process, save the Plan Sponsor unnecessary administrative expenses, reduce a plan trustee’s fiduciary exposure, and protect participants’ deferred tax status. PenChecks has the expertise, knowledge, and technology to establish Missing Participant IRAs in a simple, effective, and efficient manner. PenChecks Missing Participant IRA (Auto Rollover) program:
- Is Safe Harbor Compliant
- Follows Department of Labor Participant Notification Regulations
- Saves the Plan Sponsor unnecessary administrative expenses – all fees can be charged to the participants’ accounts
- Limits Plan Trustee fiduciary exposure.
- Makes effective attempts to locate non-responsive / missing participants.
- Registers the Missing Participant with the National Registry of Unclaimed Retirement Benefits.
- Protects the qualified status of non-responsive terminated participants’ retirement account.
- Services the non-responsive participant upon contacting PenChecks to collect their account balance.
To read more about the details of PenChecks Premier IRA Service or establish a Missing Participant IRA with PenChecks click here. Premier Fiduciary Service
