RCP

The Retirement Plan Management Services (RPMS) Division of RCP Solutions recently attended and presented at the Plan Sponsor Council of America (PSCA) Midwest Regional in Chicago, IL and the Eastern Regional in Atlanta, GA. Mark Sweatman, President of RCP Solutions’ RPMS division, presented on the topic of “Plan Sponsor Risks” to a diverse group of plan sponsors, human resource and employee benefits professionals. Come see Mark present on the topic at the PSCA Western Regional in Dallas, Texas on October 30th.

The presentation focused on specialized risks regarding the impact of un-cashed checks due to missing or deceased participants in active and terminated plans as well as related escheat laws; covering the importance of understanding your check population and what is ERISA protected property. Knowing what should be done once you understand that population can be confusing as end destinations (i.e. re-issue, roll-over, escheat) can be different for each check type – making the management of an ever increasing number of un-cashed checks a daunting task.

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The Retirement Plan Management Services division of RCP Solutions recently attended the PSCA (Profit Sharing/401k Council of America) Annual National 401k Conference in Las Vegas, NV.

Plan Sponsors often face the difficult challenge of resolving un-cashed checks from terminated participants that requested them and failed to cash them or had the check returned as undeliverable. Working with Plan Sponsors and Recordkeepers, RCP Solutions customizes programs to reduce the risks and costs associated with un-cashed check issues, as well as, plan terminations and locating the whereabouts of missing terminated participants.

RCP Solutions was well received by the audience of plan sponsors that attended the 401k conference.

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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…)