Automatic Rollover & Missing Participant IRA Services
Do non-responsive plan participants keep you guessing about how to safely manage their retirement funds?
Our innovative IRA services allow Plan Sponsors and TPAs to issue forced distributions for non-responsive employees with account balances less than $5,000 for ongoing plans.
Plan document must allow the use of Automatic Rollover IRAs.
This allows you to:
- Reduce plan related expenses while increasing average account size balance in the plan
- Reduce your fiduciary exposure
- Safely remove missing participants from the plan
- Protect participants’ assets and deferred tax status
How Automatic Rollover & Missing Participants IRA Services Work
PenChecks Trust Automatic Rollover and Missing Participant IRAs provide a safe, cost-effective solution for managing missing and non-responsive participant assets according to ERISA and DOL regulations.
If you have already sent out benefit election notices to the participant and they are non-responsive or missing, you can quickly and easily transfer their vested account balance to our safe harbor Express Automatic Rollover or Missing Participant IRA in their name.
If you have not sent out notifications to a terminated participant, PenChecks can send the notification of their mandatory distribution, collect the response, and pay out those who respond. We can also establish a safe harbor Automatic Rollover or Missing Participant IRA for those who do not respond within the allotted time.
PenChecks Trust has been providing Automatic Rollover and Missing Participant IRAs longer than anyone.
We introduced the first commercially available Missing Participant IRA program in 1998, which became the basis for the default IRA regulations of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) three years before the law was enacted. We also assisted in introducing the Automatic Rollover IRA concept.
To this day, we remain a leading provider of safe harbor compliant Automatic Rollover and Missing Participants IRA services that meet the needs of your retirement plan distribution process and your plan participants.