Abandoned Retirement Plans – QTA Service
Terminating abandoned retirement plans is a complex, highly regulated process.
As a Qualified Termination Administrator (QTA), PenChecks Trust® provides simple, cost-effective solutions that help you properly terminate abandoned plans in compliance with applicable Department of Labor (DOL) regulations.
By administering the process from beginning to end, we help your institution:
- Reduce your administrative workload
- Protect missing participant assets still in the plan
- Comply with DOL QTA regulations
Call 800.541.3938 to speak with a QTA Specialist today!
Two Plan Termination Options
Qualified Termination Administrator (QTA)
We can serve as the named Qualified Termination Administrator (QTA) for your plan(s). Once appointed, we take all necessary steps to wind down the plan according to DOL requirements.
Partner with You
Or if you prefer, we can partner with you to perform compliant back-office abandoned plan termination services.
- Establishing a finding of plan abandonment
- Providing notice to the plan sponsor and contacting known service providers
- Applying to DOL – Notice of Abandonment and intent to serve as QTA
- Engaging service providers (e.g. abandoned plan’s TPA)
- Updating plan records, if practical
- Notifying participants
- Distributing benefits to participants
- Preparing and filing the Special Terminal Report for Abandoned Plans (STRAP)