EBSA announces approval of process for JP Morgan Chase Bank and ADP to terminate and wind up abandoned DC plans

The Employee Benefits Security Administration (EBSA) has announced that it has approved a process for JP Morgan Chase Bank NA and ADP Inc. to terminate and wind up approximately 180 defined contribution pension plans abandoned due to corporate crises or neglect.

“The abandoned plan program provides a streamlined process for efficiently winding up abandoned plans,” said Assistant Secretary Phyllis Borzi. “The alliance between JP Morgan and ADP is an excellent example of how custodians and record keepers can team up to terminate abandoned plans and help workers, and we encourage others to do the same.”

Source: Department of Labor News Release No. 13-1081-NAT, June 3, 2013.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer’s Benefits Reports.

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