K2retire Posted April 14, 2015 Share Posted April 14, 2015 I know I've seen articles and ads about companies that specialize in receiving force out distributions as IRAs for unresponsive plan participants. Of course, now that I have a terminating plan with 3 unresponsive participants, I can't find any of them. The plan is bundled with ADP and they are no help. Any suggestions? Link to comment Share on other sites More sharing options...
Lou S. Posted April 14, 2015 Share Posted April 14, 2015 Have you tried contacting PenChecks? I think they have an IRA rollover program. It's been many years since I worked with them but they were very good and easy to use last time we had need of them. Link to comment Share on other sites More sharing options...
chc93 Posted April 14, 2015 Share Posted April 14, 2015 Also try Millenium Trust... Link to comment Share on other sites More sharing options...
L_Ann_F Posted April 14, 2015 Share Posted April 14, 2015 We use PenChecks. They are very eary to work with and not very expensive. Link to comment Share on other sites More sharing options...
EBDI Posted April 14, 2015 Share Posted April 14, 2015 I have used Save Daily. Link to comment Share on other sites More sharing options...
mbozek Posted April 15, 2015 Share Posted April 15, 2015 If its a ps or 401k plan with no annuity option the plan can just distribute the funds to the taxpayers and issue the 1099. Plan can pay bank to issue a certified check to participant which eliminates the plan assets of the participant in the trust. mjb Link to comment Share on other sites More sharing options...
jpod Posted April 15, 2015 Share Posted April 15, 2015 I believe the conundrum is that the participants cannot be located, not merely that they are unresponsive. Link to comment Share on other sites More sharing options...
K2retire Posted April 15, 2015 Author Share Posted April 15, 2015 I believe the conundrum is that the participants cannot be located, not merely that they are unresponsive. Actually, I think there are some of each. Thanks for all the suggestions. Link to comment Share on other sites More sharing options...
mbozek Posted April 16, 2015 Share Posted April 16, 2015 Plan admin should investigate whether state abandoned property fund will accept assets of missing participants. ERISA preempts state laws that mandate transfer of assets from plan to state fund but plan can elect to transfer assets of missing participants. Some state funds will not accept assets of ERISA plan. mjb Link to comment Share on other sites More sharing options...
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