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Products July 27, 2009
PenChecks to Administer Missing Participant Accounts for RPG
July 27, 2009 (PLANSPONSOR.com) - RPG Consultants
and PenChecks Inc. have announced an alliance which enables
retirement plan sponsors to distribute assets on behalf of
participants who cannot be located.
Reported by Rebecca Moore
According to the announcement, after IRS-approved procedures are followed to attempt to track down missing participants, their accounts are automatically rolled over into IRAs, administered by PenChecks (see Database Lists Millions in Unclaimed Retirement Benefits ).
The solution allows plan sponsors to divest their plans of missing participants’ assets to relieve costs and some fiduciary obligations associated with maintaining those accounts. The alliance also mitigates the regulatory burden for plan sponsors involved with locating missing participants, the announcement said.