---
title: "DC Plan Termination Video Series Part 3: Five Criteria for Selecting a Services Provider"
description: Tom Hawkins, Senior Vice President, Chief Marketing Officer, suggest choosing a provider based on the following criteria during this part 3 of 3 series.
---

[RCH Consolidation Corner](https://blog.rch1.com/blog)

# [DC Plan Termination Video Series Part 3: Five Criteria for Selecting a Services Provider](https://blog.rch1.com/blog/dc-plan-termination-educational-video-series-part-3-five-criteria-for-selecting-a-services-provider)

 Written by [Thomas Hawkins](https://blog.rch1.com/blog/author/thomas-hawkins) | February 25, 2016

Retirement Clearinghouse (RCH) is pleased to offer a three-part series of educational videos on plan terminations. 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!

    

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.

**#1 – Deliver a full range of services including:**

- Mailing of required participant notices
- Participant address verification
- Multi-lingual call center support for responding participants
- Safe Harbor IRAs for unresponsive participants

 

**#2 – Have expertise in locating missing participants**

The DOL is very specific about what is required if a participant is deemed to be “missing”. When selecting an outsourced provider make sure they have a proven track record of fulfilling those requirements including:

- Verification of/updates to participants’ last best-known address
- Locating beneficiaries of deceased participants
- Utilization of multiple web-based resources
- Oversight of USPS Certified mailing

**#3 – Focus on minimizing cash outs and promoting account consolidation**

Unfortunately many participants will be tempted to cash out their retirement savings during a plan termination.

To help reduce cash outs and increase retirement account consolidation to an existing account, like a new employer’s plan, make sure the provider has professionals who will provide distribution counseling.

**#4 – Offer fiduciary-friendly Safe Harbor IRAs and on-going account support**

- Continuous efforts made to locate missing account holders
- Straightforward, easy-to-understand fee structure
- Monthly account maintenance fee vs. annual fee
- No lock-up provisions
- Ability to move assets to more suitable investment options
- Account consolidation assistance

**#5 – A proven track record in facilitating plan terminations:**

- How long they’ve handled terminating plans
- The number of terminating plans they’ve worked with
- The mix of large vs. small plans

Working with the right plan termination service provider can alleviate a lot of headaches and save a lot of time. To learn more about the plan termination services of RCH call 866.827.9608 or email [sales@rch1.com](mailto:sales@rch1.com).

Previous video: [Common Mistakes Plan Sponsors Make (part 2 of the three-part series)](https://blog.rch1.com/blog/dc-plan-termination-educational-video-series-part-2-common-mistakes-plan-sponsors-make)

[View full post](https://blog.rch1.com/blog/dc-plan-termination-educational-video-series-part-3-five-criteria-for-selecting-a-services-provider)

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