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.

A key benefit with Centier Bank is that they don’t have a minimum threshold to rollover assets, so clients can rollover accounts less than $1000.  In addition, Centier Bank is a pioneer of the safe harbor rollover provider program created by the Department of Labor Section 657(c) which took effect in March of 2005.

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