Managing uncashed retirement checks may be considered a nuisance by plan administrators. Nevertheless, the employer still has a fiduciary responsibility when a former employee fails to cash their distribution. Search efforts to locate a missing plan participant consume time and money and may fail to locate the participant. Likewise, going through the process of turning over dormant accounts to the state can also consume time and resources.
Decrease the burden of uncashed checks by:
Remember, fiduciary responsibility and liability extends to terminated employees with assets in the plan. This responsibility includes the delivery of all required distributions and all fiduciary prudence responsibilities. Stay in touch with this important group.