Uncashed Checks and Automatic Rollovers
The problems surrounding uncashed pension checks go well beyond the sheer numbers. There are plan asset regulations, “Float” issues on interest on the funds awaiting transfer, notification requirements and the appropriateness of any corrective actions.
The largest issue is that there is no clear guidance from the U.S. Department of Labor or the Internal Revenue Service on all aspects of the issue.
This paper, which was sourced by PlanSponsor Magazine and other leading industry publications, examines the regulatory issues surrounding uncashed checks as well as potential common sense solutions for dealing with those issues.