If an employer is terminating a 401(k) plan, all assets must be distributed from the plan. However, some participants may not respond to requests to distribute their balances in a timely manner, which may result in delays in the termination process. Additionally, there may be some past employees that you simply cannot find.
​
PenChecks is a vendor that specializes in assisting plans with distributing the assets that belong to unresponsive or missing participants, so the plan can successfully terminate.
​
When a plan is terminating, we will make several attempts to contact participants and notify them about their distribution or rollover options. If any participants do not take action to move their funds out of the plan, we will send the undistributed balances to PenChecks. Once the funds are moved, participants can request distributions directly from PenChecks. PenChecks will automatically establish an IRA for non-responsive participants.
​
This partnership allows us to fully liquidate a plan, so we can proceed with final termination items, such as closing the trust account and filing the final version of the Form 5500.
​
We will always provide notice to the company and plan participants before moving any assets to PenChecks. Please contact PenChecks directly with any questions regarding a transferred balance.

​Balances moved to PenCheck may incur fees. Contact PenChecks for additional information.

​