A press release said that partnering with third-party administrators, PenChecks will contact any QTA (qualified termination administrator) institution holding retirement funds to determine the best ASAP solution to wind down abandoned plans and reduce their fiduciary liabilities. PenChecks said ASAP can handle all the required aspects: from final plan termination and wind-down process to handling safe harbor distributions and missing participant searches.
“In this tough economy, we should do everything we can to get working Americans access to their hard-earned retirement assets … even if the plan they were in is orphaned. With the comprehensive PenChecks’ Automated Solution for Abandoned Plans more workers can be reunited with their accounts,” said Peter E. Preovolos, president & CEO of PenChecks, Inc., in the release.
More information is available at www.PenChecks.com.