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Auto Rollover IRAs for Force-Outs: Controlling Fiduciary Risk and Unwanted Taxable Income
PenChecks 
Feb. 20, 2024 "All uncashed checks are a fiduciary risk because they remain plan assets, and there is an ongoing responsibility to search for the missing participants. In addition, using checks for force-out distributions of $1,000 or less can result in unwanted taxable income and potential penalties for participants.... Address both the fiduciary risk and unwanted taxable income by using the automatic rollover IRA for all force-out distributions -- from $1 to $7,000." |
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