Trust Resolution

Fast, Compliant Trust Distribution Resolution Services

Innovative trust resolution processing services that save time and money while keeping you in compliance with ERISA regulations.

When a plan participant goes missing or a plan gets abandoned, it can add significant time and expense to the trust resolution process. It also makes it harder for plan providers, sponsors and administrators to remain in compliance with ERISA regulations, posing financial risk to your business and plan participants.

PenChecks Trust™ takes the stress out of this process with specialized trust resolution services that help you manage missing participants and abandoned plans in a timely and cost-effective manner.

Trust Resolution for Missing Distributees

Managing uncashed checks from ERISA qualified plans can be a logistical nightmare. PenChecks’ Missing Distributees Program helps reduce the administrative and financial burden associated with uncashed or stale-dated checks by outsourcing the process of locating missing participants or escheating the funds to the proper state authority.

One of the first and most successful missing distributee programs, our proven process provides an efficient tool for supporting your trust distribution resolution needs. Our program:

    • Provides a consistent, cost effective method for managing unclaimed or abandoned retirement plan assets
    • Protects plan participants against double-taxation on already taxed monies
    • Protects plan sponsors against potential lawsuits
    • Increases the odds of putting the money into the hands of the rightful plan participants
    • Saves you time and money while keeping you in compliance with ERISA trust distribution regulations
    • Provides fully compliant escheatment services when needed
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  • Abandoned Plans Program

    Abandoned retirement plans present unique trust resolution challenges for third-party administrators (TPAs), plan participants and custodians:

    • Without appropriate fiduciary direction, TPAs may not have the authority to continue working for the plan. Even if you continue to work, you may receive no additional compensation.
    • Plan participants who lose communication with the plan sponsor or TPA may be unable to move funds or have increased investment risk. If they continue to pay custodial fees, new 408(b)(2) fee disclosure rules may result in a prohibited transaction.
    • Without a plan fiduciary to provide ongoing direction, custodians and directed trustees of assets may encounter increased fiduciary liability, bear ongoing costs without additional compensation, or face potential litigation from participants.

PenChecks Trust Company of America (PTCA) provides a simple, cost-effective solution to help you properly terminate abandoned plans. By outsourcing the trust resolution process from beginning to end, we help you remain in compliance while upholding your fiduciary responsibility to plan participants.

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PenChecks - Save Time, Reduce Risk, and Lower Operating Costs: Call 800.541.3938 or .