Once the termination packet is accepted, our team will review your plan to ensure there are no outstanding items.
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Once the review is completed, Guideline will provide all participants with a plan termination notice and instructions on how to request their distributions. Throughout the process, Guideline will send 2 more plan termination reminders with those instructions. Participants must provide direction on how they want their account balance distributed (cash distribution, direct rollover, etc.).
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Participants who request a distribution should take immediate action to deposit any checks they receive. Checks can only be outstanding for 180 days (6 months). If there is an outstanding check that is not deposited, it will hold up the plan termination process as all assets need to be out of the plan before it can be terminated.
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Any participants who do not take action within the noted timeframe as outlined in the email notifications will have their assets sent to PenChecks. PenChecks is a vendor that specializes in assisting plans with accounts that belong to unresponsive or missing participants, so the plan can successfully terminate. The employees will have access to PenChecks to take a distribution of their assets when they're ready.