ewatson12 Posted December 29, 2015 Report Share Posted December 29, 2015 I have a plan with a missing participant and need to get the funds out of the plan. (Acct balance between !000-5000). I'm having trouble finding a custodian or financial platform that will accept a force out without the participant's signature. We have followed the IRS guidelines in the field book for locating lost participants. The platform that currently holds the plan does not accept them. Does anyone know of one that will accept this forced transfer? Link to comment Share on other sites More sharing options...
BG5150 Posted December 29, 2015 Report Share Posted December 29, 2015 Penchecks? QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left. Link to comment Share on other sites More sharing options...
Bill Presson Posted December 29, 2015 Report Share Posted December 29, 2015 Penchecks is good. I think Millennium Trust will as well. William C. Presson, ERPA, QPA, QKAbill.presson@gmail.com C 205.994.4070Connect on LinkedIn Link to comment Share on other sites More sharing options...
ESOP Guy Posted December 29, 2015 Report Share Posted December 29, 2015 We use Millennium Trust in Oakbrook, IL for all our force outs to IRAs. Link to comment Share on other sites More sharing options...
Kevin C Posted December 29, 2015 Report Share Posted December 29, 2015 Does the plan provide for auto rollover of cashed out vested balances of $1,000 - $5,000? Your description sounds like you don't have an automatic rollover IRA provider for the plan. With our VS documents, the missing participant provisions only apply to those under the cashout limit and for someone with a $1,000 - $5,000 vested balance, the automatic rollover provision (if used) applies first and prevents you from using the missing participant provisions. Missing participant provisions typically forfeit vested balances after a due diligence search. If you have an auto-rollover IRA provider who requires a participant signature before accepting the funds, you need to find a different IRA provider. We use Millennium. Link to comment Share on other sites More sharing options...
david rigby Posted December 29, 2015 Report Share Posted December 29, 2015 Yeah, what Kevin said. BTW, although probably not significant, the word "transfer" is technically incorrect. A better choice is "direct rollover" or "automatic rollover". (Not to be picky, but sometimes the correct terminology is important.) I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice. Link to comment Share on other sites More sharing options...
Mike Preston Posted December 29, 2015 Report Share Posted December 29, 2015 Sometimes? :-) Link to comment Share on other sites More sharing options...
NHunter Posted December 29, 2015 Report Share Posted December 29, 2015 ewatson12, Happy New Year! I can help you with the Missing Participant IRA. You can reach me at nhunter@penchecks.com. Natalie Link to comment Share on other sites More sharing options...
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