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Products June 19, 2009
PenChecks Offers Solution for Abandoned Plans
In response to the potential for an increase in the number of abandoned or orphaned plans resulting from the down economy, PenChecks has developed the PenChecks Automated Solution for Abandoned Plans (ASAP).
Reported by Rebecca Moore
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.