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SALT LAKE CITY CHAPTER

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March Lunch Meeting: The Challenge of Missing Participants and un-cash Participant Distribution Checks in a Retirement Plan

  • Friday, March 18, 2016
  • 12:00 PM - 1:30 PM
  • Little America Hotel, 500 South Main Street, Salt Lake City, UT
Registration is closed
Date: Friday March 18
Little America
12pm – 1:30pm
 
“The Challenge of Missing Participants and un-cash Participant Distribution Checks in a Retirement Plan”
 
Presented by:
Tom Drosky
Regional Vice President – PenChecks Inc
 
There are two major concerns that are coming to the forefront of the retirement plan industry, missing participants and un-cashed checks in retirement plans.  Both of these concerns involve billions of dollars.  These missing participants and uncashed checks have created challenges for Plan Sponsors, Third Party Administrators, Institutions, Auditors and other service providers.  The Department of Labor provides guidance in Field Assistance Bulletin 2014-01 for missing participants in a terminated plan.  However, neither the Department of Labor, the IRS nor ERISA provides guidance on uncashed checks. For many years these problems have been ignored and now has come to the attention of many, including the Department of Labor.
 
The presentation identifies the problems, discuss the causes of the problem and a variety of solutions that are taken by services providers, plan sponsors and fiduciaries. Whose problem is it and what should and should not be done.
 
 

 

 


Please feel free to reach out to WPBC with any questions.


Direct Questions To:

info@wpbcsaltlake.org

Address:
155 N 400 W
STE 400Salt Lake City, UT 84103

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