Rapid Plan Termination

If you’ve been through the termination of a 401(k) plan before, you know it can be long, difficult, and time consuming. But many plan sponsors don’t realize there is a better way to terminate a 401(k) or other defined contribution plans: trust the administrative complexities to Keane Retirement Services. Our team of experts is highly experienced at terminating defined contribution plans. We handle virtually every aspect—enabling you to complete the process more quickly, efficiently, and cost-effectively than you could on your own. When it comes to terminating plans, we offer two levels of service:

Closure – Terminated Service – This covers basic plan termination of a 401(k) plan or other defined contribution plans.  The goal is to find all of the plan participants and remove all assets from  the plan to facilitate a final 5500 filing.  We first segment out the bad addresses by a mailing to the address of record.  Any undeliverable addresses that result out of this mailing will be handled per the DoL steps as designated in the FAB 2004.  After the steps have been exhausted and all possible participants have been paid out, we use the rollover provisions to complete any remaining transactions.

ClosurePlus – Terminated Service – Much like the CLOSURE solution above, however, all participants will be handled by the DoL guidelines.  This would be in the case of a plan sponsor wanting to go beyond what is required.  Especially in the case of any previous litigation, fines or any action against the plan in the past.  They will have exhausted all possible means (by the DoL guidelines) to locate the participants before rolling their accounts over to an IRA to complete the termination of a 401(k) plan. 

Click to download Defined Contribution Insights magazine article, "How to Successfully Manage a 401(k) Plan Closure" - Real-life advice and best practices from Keane Retirement Services President, Mary G. Steigerwalt.

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For more information about Keane Retirement Services call 1-800-848-8896 x3214 or contact us via this form on our website.

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