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Posted by studiocenter on Jan 30, 2017

Dealing with Uncashed Distribution Checks and Missing Participants

  • Uncashed Checks are Plan Assets
  • What Should Plan Sponsors Do?
  • Searching for Missing Participants
  • Required Steps
  • Reasonable Additional Steps
  • What are the Options if the Participant Cannot be Found?
  • Return Funds to the Plan
  • Forfeit the Account Balance
  • Roll Over Assets to an IRA
  • Withholding 100% of the Participant's Account Balance is not an Option
  • Preventive Action Tips
  • Conclusion

This newsletter is intended to provide general information on matters of interest in the area of qualified retirement plans and is distributed with the understanding that the publisher and distributor are not rendering legal, tax or other professional advice. Readers should not act or rely on any information in this newsletter without first seeking the advice of an independent tax advisor such as an attorney or CPA.

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