RCP

From September 29-October 3, 2010, representatives from RCP attended the National Association of Bankruptcy Trustee’s annual conference in San Francisco. Each year, the annual conference seeks to improve the administration of bankruptcy through continuing education and the open exchange of ideas among members of the bankruptcy community. (more…)

One of the most important functions for a plan sponsor during a defined contribution plan (401k, profit sharing, etc.) termination is the distribution of assets to the participants. For many, contacting plan participants through normal means—certified mail or phone calls—will result in contact with the participant and ultimately resolves the situation. However, there are many circumstances, such as a participant name change or address change, that prevent communication and cause a “lost participant” status on the account. Finding missing participants is the duty of the plan fiduciary. (more…)

If you’re like most companies, you have lost participants. It is best practice to locate missing participants and property, in a timely and efficient manner. Why? Because for every day unclaimed property remains, it is likely costing your company money and creating risk. (more…)

Because of the layoffs sparked by the current recession, many managers have been compelled to look into what their companies should know about 401k partial termination.

By law, if there is a partial termination of a qualified plan, the plan sponsor must give ALL effected participants the benefits that they have accrued under the plan.

Failure to do so could disqualify the plan and result in significant costs to the employer –

Not to mention possible lawsuits by plan participants who are forced to prematurely recognize income due to the plan’s disqualification. (more…)

This article comprehensively addresses the pension plan termination process in an effort to inform you about the procedure.  It will specifically detail the definition of a pension plan, the types of pension plans, the types of plan terminations, and how to facilitate the closing of a pension plan upon termination. (more…)