There is a good reason record keepers recommend professional help when plan administrators (PA) are faced with the daunting task of terminating a 401(k) plan. The PAs take on the responsibility of executing this complicated process and are often unprepared for its magnitude.

The Keane Organization introduces Retirement Services, a comprehensive suite of services designed to take the plan administrator’s hand and walk them through terminating their plan. More than 25% of plans take more than two years to complete the termination process. Without help, PAs are unfortunately placed in a position where they unnecessarily burn through time, money and resources.

The plan termination process undertakes a myriad of administrative actions and can be a thorny proposition for the plan administrator. Within these four stages of termination is a maze of paperwork and compliance issues, logistical nightmares and key steps that can often go undetected. Specifically, the plan administrator must:

1)    Resolve legal & compliance issues

2)    Administer the election form process

3)    Locate missing participants

4)    Set up funding accounts

We invite plan administrators to call us to discuss how our Retirement Services might help you.