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DOL Encourages Asset Custodians and Record-Keepers to Work Together to Wind Up Abandoned Plans
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] June 3, 2013
"JP Morgan, the plan's asset custodian, elected to serve as the 'qualified termination administrator' under the program, and chose ADP, the plan's record-keeper, to carry out the activities necessary to terminate and wind up the plan. ADP, as agent, filed the necessary papers with the department on behalf of JP Morgan. In addition to the Emergent Business Services plan, JP Morgan and ADP have elected to terminate and wind up approximately 180 other abandoned plans under the program, affecting approximately 690 plan participants and beneficiaries and involving almost $3 million in assets."
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