Help for Plan Termination Process

October 4, 2005 ( - Plan sponsors, administrators, and recordkeepers now have a resource to turn to for help with the process of terminating qualified retirement plans.

The Keane Organization has introduced a new business unit, Qualified Plan Solutions, which offers services for completing every step of the termination process and settling every dollar quickly, effectively, and in full compliance with existing laws and recent US Department of Labor guidelines.

In its announcement, The Keane Organization said it the business unit will be unveiled at the upcoming Society for Professional Administrators and Record Keepers (SPARK) Forum.

The services provided by the new business unit, according to the announcement, will include:

  • Providing comprehensive legal support, including a broad range of advisory services, drafting of official actions, helpful plan amendments, and ERISA and Sarbanes-Oxley compliant participant notifications.
  • Delivering notice to plan participants who are currently, or were previously, employed by the company, to explain their distribution options, detail the process, and layout a timeline.
  • Conducting government-mandated ‘diligent searches’ in an attempt to find all outstanding participants in order to distribute their funds.
  • Properly managing the distribution of funds for missing participants who cannot be found through the diligent search. This can include opening IRA rollover accounts, setting up federally-insured bank accounts, or reporting the account balances to the government as unclaimed property.

“Our services help companies eliminate months, even years of work from the complicated and confusing termination process,” says Doug Johnson, President of The Keane Organization Inc., in the release.   “And that means participants will receive their funds earlier, plan administrators can focus on more pressing HR matters within their expertise, and record keepers can focus on their active clients. Simply put, an easier, faster, less expensive termination process benefits everyone involved.”

The Keane Organization, Inc. is a provider of compliance and risk management solutions to Fortune 1000 corporations, financial institutions, and mutual funds.   More about the company can be found at .