Menu
- News
- Press Releases
- Thought Leadership
- Consolidation Corner Blog
- 401k Consolidation
- Auto Enrollment
- Auto Portability
- Automatic Rollovers
- Cashout Leakage
- Cybersecurity
- ERISA Advisory Council
- Lifetime Plan Participation
- Managed Portability
- Missing Participants
- Mandatory Distributions
- Mobile Workforce
- Plan Termination
- Portability Services Network
- Public Policy
- Retirement Income
- Retirement Plan Portability
- Retirement Research
- Roll-In
- Safe Harbor IRA
- Saver's Match
- Uncashed Checks
- Consolidation Corner Channel
- Events
401k missing participants blog posts
One Solution to Three Costly Retirement-Saving Mistakes
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.
Reducing the Burden of Missing Participants
Whenever I am meeting with a plan sponsor, TPA or recordkeeper for the first time, I ask about returned mail related to missing participants; and almost every time I get "the look" - The look and/or eye roll that instantly says that returned mail is definitely a problem. The entire retirement industry is all-too-familiar with returned mail related to missing participants. In addition to the money wasted on materials and mailing costs, missing participants create administrative burdens and increase the plan's fiduciary liability risk. So, what is a fiduciary to do?
Automatically Moving Mandatory Distributions Forward
The mandatory distribution-to-Safe Harbor IRA plan feature as commonly utilized today was conceived in 2001 and launched in 2005 with good intentions, and for valid reasons. A mobile workforce, combined with a lack of retirement savings portability, had created a burgeoning problem for plan sponsors.
What Participants' Distribution Decisions Are Telling Us
That's changing, as Neal Ringquist explains.
Pitfalls Associated With Lost & Missing Participants
Collaborating with Retirement Clearinghouse, Boston Research Technologies completed groundbreaking research earlier this year on the mobile workforce and the job changer's attitudes and behavior regarding their 401(k) accounts during job transition.
How to Make Mandatory Distributions More Fiduciary Friendly
Mandatory distributions from employer-sponsored plans are a creation of regulation's specifically, a section of ERISA that allows plan sponsors to distribute accounts with less than $5,000 out of a qualified plan and into a safe harbor IRA.
1916 Ayrsley Town Boulevard