Rely on Our Plan Termination Experience

With thousands of Plan Terminations under our belt, we will guide you through each step of your retirement plan termination.

Complete Plan Termination Solution

Business bankruptcies, mergers, acquisitions, and closures happen regularly across the United States. These situations often result in employers terminating or abandoning their retirement plan, and in the process leaves the plan’s fiduciaries with a new, time-consuming set of responsibilities related to locating participants who are missing or unresponsive:

  • Use certified mail
  • Check related plan records
  • Check with designated plan beneficiary
  • Employ an “acceptable distribution” option

The Department of Labor believes that “the best approach is a rollover into an individual retirement plan using its regulatory safe harbor for distributions from terminated plans.” For most plan fiduciaries, this process is unfamiliar and daunting. Having an experienced partner during a plan termination helps ensure an efficient and proper wind-down period.

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Complete Plan Termination Solution

Inspira has worked on more than 600 Retirement Plan Terminations, including 401(k), 403(b) and 401(a) terminations. We have a proven process for rolling over accounts remaining in a terminated or abandoned plan, including those with balances of more than $5,000:

  • Fully compliant with DOL Field Assistance Bulletins 2004-02 and 2014-01
  • Start-to-finish consultation, including pre-termination
  • Assistance with participant notifications, forms and 402(f) notice
  • Partnership with Ascensus Trust to provide QTA services
  • Pre-termination participant searches to ensure higher success rate

Based on our experience, a typical plan termination takes 2-to-3 months. If your firm has already sent the appropriate notifications, that timeline can be cut down significantly.

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Additional Services Offered by Inspira

A Complete UnCashed Check Solution

Our solution for uncashed and stale-dated checks that will keep you compliant, reduce your costs, and ensure a positive outcome for the missing participant. We will help you create a documented uncashed check procedure that alleviates your existing problem and all but eliminates uncashed checks in the future:

  • Rollover uncashed and stale-dated checks into IRAs
  • Additional investment options for accountholders
  • Low annual fee for the accountholder with no set-up fee
  • Comprehensive search efforts to locate the participant through multiple channels
  • Send a welcome kit, annual statement and Form 5498 to accountholder

Once an accountholder is located and notified, they can withdraw their funds online, continue contributing to the IRA and diversify, or roll the account into another retirement vehicle.

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Complete Automatic Rollover Solution

We provide solutions to accommodate distributions from ongoing, terminated or abandoned defined contribution plans. Our IRAs are designed to comply with the Safe Harbor regulations, Section 657(c) of the Economic Growth and Tax Relief Reconciliation Act of 2001. We have provided the following benefits to more than 60,000 Plan Sponsors:

  • Additional investment options for accountholders
  • Low annual fee for the accountholder with no set-up fee
  • No cost to the provider or plan sponsor
  • Fully compliant with Safe Harbor regulations and EGTRRA

Inspira’s solution is designed to give the account holder all of the benefits of a voluntary rollover, despite their status as a forced out client. We keep the account’s best interest at the forefront.

Learn More About SEP, SIMPLE & Payroll Deduction IRAs