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 ASPPA (American Society of Pension Professionals & Actuaries) Conference in National Harbor, MD.

The ASPPA conference was well attended by TPA (Third Party Administrators), Plan Sponsors, Custodians and Record Keepers who face increasing regulatory scrutiny and risks in dealing with retirement plans.  In this regulatory climate, maintaining accurate data is imperative for providers and plan sponsors to reduce risks and costs.  Plan Sponsors no longer want to wastefully spend money to find out that a participant no longer resides at the address of record or worse, has been deceased for 5 years.

Being proactive and putting together a program that identifies issues allows for the plan sponsor to reduce the opportunity for problems to arise.

Plan providers who are at the forefront of issues such as un-cashed check mitigation, plan termination services and maintaining accurate records are providing enhanced value for their clients.  RCP Solutions exhibited at the conference and discussed ways in which we help providers and plan sponsors understand these issues and execute on programs to resolve them.

By being proactive, fiduciaries are able to reduce unwanted costs and the potential for regulatory risks.

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Lisa is Vice President Employee & Shareholder Relations for Jeld-Wen and pictured here collecting her prize from Sales Representative, Dominick Balsamo, from RCP Solutions at this year’s PlanSponsor National conference in Chicago.

Lisa had stopped by the RCP Solutions booth to discuss particular areas of risk and compliance concerns that face Plan Sponsors on a daily basis.

With an ever changing regulatory climate, Plan Sponsors need to be focused more than ever on making sure that their plans are in good standing.

As a retirement risk and compliance company, RCP Solutions helps companies solve issues dealing with terminated participants, un-cashed check mitigation and terminating defined contribution plans.

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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…)