Deals & People May 5, 2009

Stevens Named to USI VP Post

USI Consulting Group tapped Kyle Stevens as a vice president of Retirement Services, based in Chicago.
Reported by

A news release said Stevens will be responsible for helping clients more effectively deal with regulations and fiduciary responsibilities of running a retirement plan.

Stevens comes to the post with 22 years of retirement plan experience, according to the release.

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USI Consulting Group is a provider of defined contribution and defined benefit plan administration and investment advisory services for mid-market employers.

Products May 5, 2009

Database Lists Millions in Unclaimed Retirement Benefits

PenChecks, Inc., said it has records of about $150 million in unclaimed retirement benefits.
Reported by

“This is for over 58,000 missing participant retirement accounts. The average account balance is about $2,600.00,” said Peter Preovolos, president and CEO of PenChecks, Inc., in a press release. Often an employee changes jobs, moves, and fails to leave a forwarding address, and their account balance or accrued benefit in a qualified retirement plan stays behind with their former employer, the company said.

PenChecks developed The National Registry of Unclaimed Retirement Benefits—a nationwide, secure database service that can match missing participants with their unclaimed retirement benefits at former employers, according to the release.

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Any organization holding retirement funds for missing participants can register online for free and create an account to add the missing participant records to the database. When one of those participants performs a free search in the database, the organization receives an automatic e-mail notification.

 

The Registry is available at www.UnclaimedRetirementBenefits.com.

 

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