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force out IRA options


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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?

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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

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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

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