Gadgetfreak

Looks like it. 18 complaints over the last 3 years. Again, I am well aware of these prospecting companies. I don't like them but I understand them. It is the representing that they work for the current provider that has me worried.

Has anyone ever heard of this company? A client of mine just told me they called her (with a heavy accent) and said they represented my firm and were doing an independent review of the plan. We all know about cold calling based on public DOL data (nothing to do about that) and even scare tactics using the Judy Diamond "score", but saying they represent me is a a new low.

A bit suspicious that the author is not named. How do we know his/her credentials?

Get a full demo with FTW. It does balance forward RK. Their support - even after being acquired by Wolters Kluwer - remains fantastic. The web-based interface is also ideal so there is nothing to install. If you use them for docs, gov't forms and admin (testing/valn/etc) there is a lot of integration.

But remember, even if he IS still considered working, he may need an RMD depending on his key status.

Set up an account on Upwork. Post your project specifications. Received replies/quotes from freelancers who can help you. Interview them and pick one that is a good match. I use PP and agree that it may be overkill for this. An Excel file may work. But, if you want to get fancier, there are many online systems that can be configured for your needs. These freelancers can help build them out for you.

Agreed. If the only way to get a distribution is to wait until after the year-end valuation after you terminate, then you only need to update the participant's records once a year. Of course, if there is a vesting schedule, the balance the employee sees in their SDBA daily might not be accurate. But I get why SDBAs would be better than an annual val as it allows participant direction. Another option we, as a recordkeeper have been doing for new clients is linking Schwab PCRA accounts to our daily system. It is the best of both worlds. Daily RK, participant direction, full fund universe of an SDBA, and no issues with ongoing distributions, sources, or vesting. PM me if you want more details.

Wow. That seems like a lot of work. SDBAs have daily access, and someone could potentially request a distribution at any time. Vesting needs to be updated—as do sources—before that happens. If deferrals are being deposited on an ongoing basis, wouldn't you need to track each payroll for each SDBA often? With pricing coming down and providers offering flexible billing options, I suspect a daily platform would be more cost-effective than a TPA doing all that.

But then you need to be concerned that the plan is set up with immediate vesting and distribution sources are uniform across all sources. But yes, separate one for Roth is needed.

It is so difficult to figure this out and stay on top of it. PLEASE keep us posted.

Erisapedia offers this title for a subscription fee. Very reasonable. Search is great. Plus, I realized that opening the website in Microsoft Edge and then using MS Copilot allows you to ask questions and have it search the site for answers in easily understandable responses. Erisapedia doesn't even need to invest in its own AI system for this.

I received an email like that and, similarly, it didn't work for me. There is no number, name, department or email to contact. I reached out to the IRS agent that I am currently working with on a client audit. He told me the e-mails went out to everyone but each agent will send their communication through this portal as needed. So, if you are not expecting anything now (and he told me he didn't send me anything), he told me just wait for the next time an agent sends something, and then I will be given the chance to access it again. This only sounds somewhat accurate but I don't have the energy to pursue this any further. The next time I need it, I will see what happens.

Thank you.

Can anyone recommend a (paid) service for tracking down lost participants? Thanks in advance.

I am having a similar situation now with an existing client and participant who got a letter from the SSA saying they MAY have a benefit of $200k. The client sees they had a balance in 2007 and terminated in 2005. They have a 2007 5500 that shows distributions of over $800k but, obviously, no participant data. The 2007 has no SSA and they do not have any prior or later 5500s that show this person's name. He has no statement at all - just the SSA letter. So that is the big question - is it his responsibility to show that he has a balance or the client's to show there was a distribution? I think of my own bank account. If I get statements every year showing a balance and then I get one that doesn't, shouldn’t the bank have to prove that they distributed the money to me? Granted, I would check regularly, but this person hasn't done anything in 17 years. But is that a reason not to believe him? I am also tagging @Larry Starr here because he had posted useful information in the thread referenced above and perhaps wants to comment here. Thanks in advance.