A news release said the new Premium IRA Fiduciary Service enables retirement plans with mandatory distribution provisions to satisfy the government’s requirements with distributions up to $5,000 as well as missing participants with larger balances. Partnering with third-party administrators (TPAs), PenChecks will assist in handling all the due diligence requirements in attempting to locate and notify missing plan participants.
All fees associated are charged directly to the participant account.
“Studies show that 401(k) plan participants often leave their savings behind in the plan when leaving a job. This increases cost and risk to the plan sponsor. These account balances from terminated and missing participants can be a source of future legal challenges,” said Peter E. Preovolos, president & CEO of PenChecks, Inc..
More information is available at www.PenChecks.com.