Consolidation Corner

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, Video

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, Video

One Solution to Three Costly Retirement-Saving Mistakes

Posted by Neal Ringquist on Sep 2, 2015 4:37:00 PM

 

In his September 2nd, 2015 MarketWatch article One Solution to Three Costly Retirement-Saving Mistakes, RCH’s CEO Spencer Williams provides insight as to why a majority of Americans are not very confident in their retirement readiness. Three costly mistakes consistently plague retirement savers:  1) leaving 401(k) accounts behind when changing jobs, 2) prematurely cashing out and 3) not informing prior employers’ retirement plan record-keepers about address changes.

 

While these common mistakes can be costly, Williams identifies a simple way to avoid them – by consolidating your retirement savings when you change jobs.  

 

Finally, Williams offers practical advice on how retirement savers can get the consolidation process started.

 

Click Here to Read the MarketWatch article, One Solution to Three Costly Retirement-Saving Mistakes.

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Topics: Auto Portability, Mandatory Distributions, MarketWatch, Safe Harbor IRA, Automatic Rollovers, Missing Participants, Common Mistakes

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