Do you have missing/non-responsive participants or uncashed checks in your plans?
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- Merryl Burke
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1 The Challenge of Missing Participants and Uncashed Checks in a Retirement Plan May 2, 2016 Presented by: Tom Drosky Vice President, Regional Director PenChecks, Inc. Distributions Made Simple. Missing Participants and Uncashed Checks Do you have missing/non-responsive participants or uncashed checks in your plans? Yes No Probably Don t know?? 2016 PenChecks Inc. 2 1
2 Winners and Losers Who benefits from missing participants and uncashed checks? Who loses by having missing participants and uncashed checks in the plan? Are uncashed checks still plan assets? Are uncashed checks still qualified funds? 2016 PenChecks Inc. 3 Go Figure 92,906 1,678, PenChecks Inc. 4 2
3 Why are there missing or non-responsive participants in a Plan? 1. Terminated employees with bad address. 2. Employees not aware a benefit exists. 3. Lost records. 4. Employee does not respond PenChecks Inc. 5 Why are there Uncashed Checks? 1. Returned because of bad addresses. 2. Lost in the mail and never delivered. 3. Thrown away as junk mail. 4. Received by the participant but not cashed PenChecks Inc. 6 3
4 Discovery 1. Participant Inquiry 2. Transfer from one service provider to another 3. Plan Review 4. Plan Audit 5. DOL Audit 6. Plan Termination ANY INSTANCE OF AN UNCHASED CHECK, UNLESS OTHERWISE PROVEN, IS A FIDUCIARY BREACH DOL Investigator 2016 PenChecks Inc. 7 Missing Participant Regulations FAB replaces FAB Why a new FAB? 2016 PenChecks Inc. 8 4
5 Field Assistance Bulleting - FAB For terminated Defined Contribution plans 2. What are the search requirement? a) Certified Mail b) Check related plan and employee records c) Check with Designated Beneficiary d) Use Free Electronic Search Tools 3. Options if Cannot be Located a) Establish IRA b) Open interest-bearing federal insured bank account c) Escheat to State 2016 PenChecks Inc. 9 Uncashed Check Regulations Neither ERISA law nor DOL regulations adequately address this issue, so the burden is on the fiduciary to determine the appropriate course of action. * *Journal of Pension Benefits, Issue in Administration, Design, Funding, and Compliance, Volume 18, Number 1, Autumn PenChecks Inc. 10 5
6 What IS done with Uncashed Checks? 1. Reissue check to participant. 2. Reinvest funds into the plan. 3. Forfeit funds in accordance with the plan document. 4. Escheat funds to the State of last known residence. 5. Establish missing participant IRA. 6. Nothing 2016 PenChecks Inc. 11 What SHOULD be done with Uncashed Checks? 1. Attempt to contact participant. 2. Stop payment on check issued. 3. Recapture Federal and State tax withholding. 4. Reinvest funds to the plan. 5. Establish Missing Participant IRA (DOL FAB ) 2016 PenChecks Inc. 12 6
7 Who should take care of this problem? 1. The Plan Sponsor is the fiduciary. 2. The TPA is the paid service provider. 3. The Custodian is responsible for safeguarding the assets. 4. The Participant 2016 PenChecks Inc. 13 Recent Responses Who should take care of this problem? Plan Sponsors My TPA takes care of it for me. Vanguard takes care of this for me. I don t know. The amount is so small in relationship to the total plan assets it is immaterial. Accounting Firm TPAs We put that assets in a Missing Participant IRA. The funds are put back into the Plan and allocated as forfeitures. We don t do anything. That s the responsibility of the Plan Sponsor. Escheat to the State Insurance Company 2016 PenChecks Inc. 14 7
8 What should a Fiduciary do? Establish a consistent procedure 1 Get the financial institution or the Plan Sponsor to identify the uncashed checks and missing participants Use an established website such as UnclaimedRetirementBenefits.com to register the participant. 5 2 Try again to locate the participant. Reinvest funds back in plan or establish missing participant IRA. 4 3 Stop payment and recapture tax withholding, 2016 PenChecks Inc. 15 Reference Uncashed Checks: The Billion Dollar Question? Co-authored by Peter Preovolos and Ilene Ferenczy The Journal of Pension Benefits Volume 18/ Number I / Autumn 2010 issue PenChecks Inc. 16 8
9 Distributions Made Simple. PenChecks, Inc La Mesa Blvd., Ste.101 La Mesa, CA Tom Drosky Vice President, Regional Director (619) , 73, , 186, 65 28, 30, , 131, 137 9
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