Consolidation Corner

DC Plan Termination Video Series Part 3: Five Criteria for Selecting a Services Provider

Posted by Michael Wilder on Feb 25, 2016 10:30:00 AM

Retirement Clearinghouse (RCH) is pleased to offer a three-part series of educational videos on plan terminations, presented by Mike Wilder, RCH’s Vice President of Client Services. These videos are intended to provide plan sponsors with a basic understanding of key plan termination process steps, the common mistakes that are made by plan sponsors, and the key criteria for selecting a plan termination services provider. We hope you’ll find these videos interesting & informative!    

 

 
 
 
 
 
 
 

 

 

DC Plan Termination - Five Criteria for Selecting a Services Provider

Terminating a retirement plan takes a lot of work, a lot of planning and requires specialized skills.  Not surprisingly, most fiduciaries choose to outsource plan terminations to service providers.

Selecting an outsourced provider is a critical decision. To help simplify the process we suggest using the five criteria below.

 

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Topics: Safe Harbor IRA, Automatic Rollovers, How-To, Plan Termination

DC Plan Termination Video Series Part 2: Common Mistakes Plan Sponsors Make

Posted by Michael Wilder on Feb 19, 2016 12:57:09 PM

Retirement Clearinghouse (RCH) is pleased to offer a three-part series of educational videos on plan terminations, presented by Mike Wilder, RCH’s Vice President of Client Services. These videos are intended to provide plan sponsors with a basic understanding of key plan termination process steps, the common mistakes that are made by plan sponsors, and the key criteria for selecting a plan termination services provider. We hope you’ll find these videos interesting & informative! 

 

For more information, contact a Retirement Clearinghouse sales representative at sales@RCH1.com, or call us at (866) 827-9608.


 

 
 
 
 
 
 
 
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DC Plan Termination - Common Mistakes Plan Sponsors Make

 

Terminating a retirement plan is complicated. The importance of having a well thought out plan in place before beginning the plan termination process is imperative, because making mistakes can be costly. To better understand why plan sponsors were making mistakes in qualified plan terminations the IRS Employee Plans Compliance Unit conducted a “Termination Project” in 2011. Over 75% of the sampled sponsors made errors!

 

 

So what kind of errors did plan sponsors make?

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Topics: Safe Harbor IRA, Automatic Rollovers, How-To, Plan Termination, Common Mistakes

DC Plan Termination Video Series Part 1: 1 Project, 5 Phases

Posted by Michael Wilder on Feb 12, 2016 2:31:56 PM

Retirement Clearinghouse (RCH) is pleased to offer the first educational video of a three-part series on DC plan terminations, presented by Mike Wilder, RCH’s Vice President of Client Services. These videos are intended to provide plan sponsors with a basic understanding of key plan termination process steps, the common mistakes that are made by plan sponsors, and the key criteria for selecting a plan termination services provider. We hope you’ll find these videos interesting & informative!    

 

For more information, contact a Retirement Clearinghouse sales representative at sales@RCH1.com, or call us at (866) 827-9608.


 

 
 
 
 
 
 
 
Share0

 

DC Plan Termination – 1 Project, 5 Phases

 

Terminating a retirement plan can be daunting. There is a lot to do and if it’s not done correctly, it will generate even more “to dos”. To minimize the sense of being overwhelmed break down a plan termination into five smaller phases.

 

 

Phase 1: Planning & Preparation

As with any project, good planning usually leads to good results. After the project is planned and the timeline is established, the first thing to do is amend the retirement plan. Things to remember in the plan amendment:

  • Establish a plan termination date
  • Include all changes in the law or plan qualifications that will be effective on the termination date
  • Cease plan contributions
  • Provide full vesting of benefits for all affected employees
  • Authorize distribution of all benefits in accordance with plan terms as soon as administratively feasible

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Topics: Safe Harbor IRA, Automatic Rollovers, How-To, Plan Termination

Top 5 Mistakes That Participants Make When Changing Jobs

Posted by Christopher Garza on Nov 2, 2015 4:43:30 PM

 

 

 

Chris Garza, RCH’s Service and Consolidation Team Manager, provides insight into the top five mistakes that participants make when changing jobs.

 

Click above to watch as Chris counts down the list in detail.

 

#5 - Not coordinating the rollover documentation with the rollover distribution check.

#4 - Not getting rollover checks made out properly.

#3 - Not keeping prior employers updated with changes of address.

#2 - Leaving old accounts stranded.

#1 - Cashing out.

 

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Topics: 401(k) Consolidation, Managed Portability, Roll-In, Cash Outs, Plan Termination, Common Mistakes

Deadlines for Year-End Plan Terminations, Mandatory Distributions Fast Approaching

Posted by Michael Wilder on Sep 21, 2015 11:25:00 AM

At Retirement Clearinghouse (RCH), the 4th quarter is the busiest time of the year, as many plan sponsors look to complete plan terminations and mandatory distributions before the end of the year. However, to follow appropriate communication timeframes, deadlines to initiate the necessary communications process needed to complete these year-end plan initiatives are fast approaching.

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Topics: Mandatory Distributions, Automatic Rollovers, Plan Termination

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