Plan Termination Distribution Services

This turnkey service removes what can be long and cumbersome processes from the Third-Party Administrator (TPA) and Plan Sponsor, allowing them to focus on core business activities.

We start by performing advanced searches for all participants. We mail all benefit election packets and handle the entire process, from collecting benefit election information and taking participant calls, to paying out the participant and handling the taxes.

If the participant can’t be located, we establish a Missing Participant IRA to hold the funds until the participant claims them. In either case, we do all the steps needed to make the payout so you don’t have to.

Learn more about our Premier service, schedule a consult online with one of our retirement plan payment processing professionals.

The Comprehensive Solution for Terminating Plan Payouts

This ensures all participants are paid out or can be moved to a safe harbor IRA if they are deemed missing or non-responsive.

• Send us the participant’s contact information and assets
• We perform a robust search to determine most current address
• We send benefit election notices via first class mail
• Participants respond through an online participant portal or via paper with their benefit elections (PenChecks handles all participant calls)
• For Participants that do not respond within a prescribed window, we send a certified letter.
• After the expiration window for making a benefit election, each remaining non-responsive or missing participant’s benefit is moved to a Safe-Harbor IRA in their name. This allows the plan to be terminated as all the money has been distributed.