force out IRA options

[K2retire]

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?

[Lou S.]

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.

[chc93]

Also try Millenium Trust...

[L_Ann_F]

We use PenChecks. They are very eary to work with and not very expensive.

[EBDI]

I have used Save Daily.

[mbozek]

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.

[jpod]

I believe the conundrum is that the participants cannot be located, not merely that they are unresponsive.

[K2retire]

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.

[mbozek]

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.