Using its flagship PLANSCAPE and OUTREACH solutions, RCP will search for and communicate with lost or missing plan participants about their uncashed retirement checks and help reunite them with their assets.
RCP’s Retirement Plan Management Services division helps plan sponsors, recordkeepers and custodians mitigate risks such as missing participants in active, frozen, closed and terminating defined contribution and defined benefit plans. Other services include defined contribution plan termination management and uncashed check mitigation strategies (including distribution and treasury management), as well as custom plan data analysis and outreach solutions.
Uncashed benefit checks is an issue for retirement plan sponsors for which no clear guidance has been issued (see “Unanswered Questions About Uncashed Checks”).
“We are delighted that Matrix and MG Trust [a Matrix subsidiary] have selected us for the job of helping their clients manage their responsibilities when it comes to uncashed benefit checks,” says Mark Sweatman, president of RCP Solutions’ Retirement Plan Management Services division. “By creating seamless, integrated solutions, RCP and MG Trust will streamline participant location and outreach processes, confirm ownership and re-issue checks on a regular basis to address these ongoing issues, while reducing the administrative burden to the plan sponsor of meeting these obligations.”