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National Database for Missing Plan Participants Formed

    
Many employers discover that finding missing participants can be next to impossible. However, plan sponsors are required to take all reasonable means to locate a participant. One of the tools that has been lacking is a national database where plan sponsors can post information on missing participants that is searchable by the general public. The Pension Benefit Guarantee Corporation maintains such a database for locatable defined benefit plan beneficiaries, buy nothing has existed for defined contribution plan beneficiaries, until now.

PenChecks, Inc., a large independent qualified plan benefit distribution processing organization, has established The National Registry as a wholly-owned subsidiary.

The National Registry is a website where plan sponsors, plan administrator, custodians, or other plan service providers can register the names of missing plan participants who have unclaimed retirement funds. Individuals who think they may have old 401k accounts simply enter their social security number and the database is searched for any nationwide matches. If there are any matches, the person shown who the employer(s) is that has retirement money and is also asked to provide your current contact information so that this employer may contact them and make arrangements for distribution.

According to the company, it is an excellent and cost effective way for plan sponsors to try to locate their missing participants. For a nominal fee per missing participant, the National Registry maintains a database that's accessible to anyone nationwide to help former employees find abandoned retirement money.

The firm will automatically notify the plan sponsor when a missing participant does locate money using the site. They will send the plan sponsor an email with the missing participant's new contact information so that the plan sponsor can make arrangements to pay them out.

You can find out more at www.unclaimedretirementbenefits.com.

Rick Meigs, President, 401khelpcenter.com, LLC

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