News |Press Releases |RPG Consultants Enters into Alliance with PenChecks, 7/27/09

RPG Consultants Enters into Alliance with PenChecks

PenChecks to Administer 401(k) Assets for Missing Participants

New York, NY 7/27/09

New York based RPG Consultants and La Mesa based PenChecks Inc. are pleased to announce the formation of a new alliance which enables retirement plan sponsors to distribute assets on behalf of  participants who cannot be located.

After IRS-approved procedures are followed to attempt to track down these missing participants, their accounts are automatically rolled over into IRAs to protect their tax deferred savings.

Plan sponsors can now divest their plans of missing participants' assets to relieve costs and some fiduciary obligations associated with maintaining those accounts.  This alliance also mitigates the regulatory burden for plan sponsors when navigating the complex compliance procedures involved with locating missing participants. 

"This arrangement reinforces RPG's commitment to offer value-added administrative and recordkeeping programs which help to lower overall fees for plan sponsors and participants" says Evan Rapp, Managing Partner of RPG. 

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