Missing Participant IRA Services for Terminating Plans
The Simple Way to Pay Out All Missing Participants
When terminating an employer-sponsored retirement plan, ERISA requires that all participants be paid out. Missing or non-responsive plan participants can hinder that process while adding cost to the termination process.
With ongoing plans, ERISA doesn’t allow you to force out plan participants with account balances of $5,000 or greater. Terminating plans do not have this limitation. ERISA regulations allow you to pay out or rollover every participant account, regardless of their account balance, so you can terminate the plan.
With that in mind, PenChecks Trust® Missing Participant IRA Services – which include establishing Safe Harbor-compliant Missing Participant IRAs on behalf of missing participants – are designed to help you:
- Move all assets from the plan so it can be terminated
- Protect the assets of missing and non-responsive participants until they claim them
- Comply with ERISA and DOL requirements for terminating plans
- Terminate your plan in a safe, secure and timely manner
Two Service Levels to Choose From
This level provides the basic services required to establish Missing Participant IRAs for missing or non-responsive participants.
This level offers a turnkey solution by providing all the services featured in our basic level plus participant mailings, a benefit election website, and a participant call center.
Speak with a Customer Service representative today about our Missing Participant IRA Services for terminating plans call 800.541.3938. Or schedule an appointment online with one of our Missing Participant IRA Professionals.
Learn how outsourced distribution processing can make your life easier.
Call 800.541.3938 to speak with our Distribution Experts today.