Abandoned Retirement Plans – QTA Service

Terminating abandoned retirement plans is a complex, highly regulated process.

As a Qualified Termination Administrator (QTA), PenChecks Trust® provides simple, cost-effective solutions that help you properly terminate abandoned plans in compliance with applicable Department of Labor (DOL) regulations.

By administering the process from beginning to end, we help your institution:

  • Reduce your administrative workload
  • Protect missing participant assets still in the plan
  • Comply with DOL QTA regulations

Call 800.541.3938 to speak with a QTA Specialist today!

Two Plan Termination Options

To help navigate the complex maze of abandoned retirement plan terminations, PenChecks Trust offers two program options:

Qualified Termination Administrator (QTA)

We can serve as the named Qualified Termination Administrator (QTA) for your plan(s). Once appointed, we take all necessary steps to wind down the plan according to DOL requirements.

Partner with You

Or if you prefer, we can partner with you to perform compliant back-office abandoned plan termination services.

Call us today at 800.541.3938 to speak with a QTA Specialist and determine which option is right for your organization.

We’ve Got Your Back
Our comprehensive abandoned retirement plan termination service helps safely shut down abandoned 401(k) plans by:
  • Establishing a finding of plan abandonment
  • Providing notice to the plan sponsor and contacting known service providers
  • Applying to DOL – Notice of Abandonment and intent to serve as QTA
  • Engaging service providers (e.g. abandoned plan’s TPA)
  • Updating plan records, if practical
  • Notifying participants
  • Distributing benefits to participants
  • Preparing and filing the Special Terminal Report for Abandoned Plans (STRAP)
To support full compliance, we also establish Missing Participant IRAs for missing or non-responsive participants, and register those participants with the National Registry of Unclaimed Retirement Benefits®.

401k plan termination is too important to leave to untrained personnel. For expert guidance and superior customer service, call us today at 800.541.3938.

Work Smarter

Learn how outsourced distribution processing can make your life easier.

Call 800.541.3938 to speak with our Distribution Experts today.