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Showing results for tags 'check'.
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A former participant had his account balance distributed in February 2017. The distribution was processed as a direct rollover to his new company's 401k. The check was deposited in February by the rollover institution, Empower. The plan administrator never gave the authorization to Empower so Empower issued a check payable to our Trust, FBO the former participant, as a refund. The check was issued and mailed to the former participant in April 2017. The former participant sent us the refund check this week. He has held on to the check for almost a year. Do we need to accept the funds back? The form 1099R was already issued. Also, we couldn't accept the check as we have since changed Custodians and the check is made payable to our old bank. What options does the former participant have? Thank you
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A terminated participant was provided a distribution check for $150 in December 2016. In 2017, the investment company determined that the check was never cashed and has reversed the transaction and is including the funds in the plan's assets. A new check was written in June to the participant and he is cashing the check. For 5500 reporting, at 12/31/16 should the stale check be included in the ending asset balance? Also, should the 2016 1099R for the participant be amended to reflect $0 distribution and a new 1099R prepared for 2017 showing the payment?
