RCP

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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The Retirement Plan Management Services division of RCP Solutions recently attended and presented at the SPARK Forum (Society of Professional Asset-Managers and Record Keepers) in Palm Beach, FL. RCP Solutions CEO, Dorothy Flynn and President of the Retirement Plan Management Services division, Mark Sweatman, presented on the topic of “Record Keeper Risks: What to do with Plan Terminations, Missing Participants, Un-cashed checks and Escheat”.  The session was well attended by participants that represented record keepers, custodians and third party administrators.  These risks face all record keepers and custodians but how to deal with them can differ from one organization to the next.

The presentation discussed how the sour economy has increased plan terminations.  There are over 40,000 plans each year on the defined contribution side that terminate.  This can happen due to a company going out of business, filing for bankruptcy, terminating a plan that has been acquired or simply to reduce costs.  Having a streamlined process to provide to your clients when this situation arises is key.  A plan sponsor typically has never been through this process before so they will look to their trusted partners to help.

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The Retirement Plan Management Services division of RCP Solutions recently attended the National Association of Bankruptcy Trustees (NABT) Annual Bankruptcy Conference in Amelia Island, Florida.  The conference was well attended by Bankruptcy Trustees who face difficult regulatory scrutiny and risks in terminating 401k and Defined Contribution Plans for bankrupt companies.

The Department of Labor (DOL) has indicated that they are going to increase the scrutiny of Trustees by auditing all of their activities and expenses to terminate a plan of any Sponsor who has filed for Chapter 7 or Chapter 11 Bankruptcy.  Bankruptcy Trustees take on the fiduciary liability formerly held by the Plan Sponsor and is responsible for the timely and accurate dissolution of the Plans assigned to them.

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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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RCP Solutions recently created a partnership with rollover provider, Centier Bank.  With this partnership, RCP Solutions has expanded the options available to their clients for distributing final assets in a plan termination.

In terminating a defined contribution plan, like a 401(k) plan, RCP Solutions provides all required communication steps with plan participants as stated in the Department of Labor’s FAB 2004-02 guidelines.  At the end of the process, the plan sponsor or recordkeeper has the choice of where any final assets which weren’t resolved in the FAB process will reside.  Providing flexibility and options for the client if they don’t have a preferred provider allows them to choose the rollover provider that works best for them.

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