Here are a few ideas:

Develop a regular routine for checking the "Open" data for your state. New filings are added regularly. Since these filings are public, time is of the essence in contacting the company and its participants. The sooner you identify a termination candidate, the better.
Don't assume that all distributions must await a "Closed" status or favorable termination. Some employees may have the option of taking distributions before the plan terminates, and a public announcement of "intent to terminate" can motivate them to move money. An intent to terminate often signals an event such as a downsizing, merger or bankruptcy that may cause workers to leave the company before the plan terminates.
You can access 5310 "Open" data by state and sort each list by sponsor, Zip code, EIN plan number, number of participants, and control date.
Once attractive rollover candidates have been identified, you can further research facts about their plan by looking up their most recent Form 5500 filing on FreeERISA. When 5500s are available for companies filing 5310s, you will see a link in the 5310 database. Click it to access the 5500 and any attached forms filed by the same plan. Our 5310 database reveals the number of participants in each plan, for example, but not total plan assets. For that and other detailed data, check the 5500.
You will need to cross-reference the 5500 to obtain the name of the plan's trustee and/or administrator. As soon as you identify an attractive company in the "Open" 5310 database, make an introductory phone call to this person. Say that you have detected the 5310 filing in publicly available data, introduce yourself, and indicate that you would like to help the company and its participants make this transition successfully and smoothly. Ask for an appointment to present your qualifications and services.
Ask the company if plan participants have been made aware of the filing. If so, ask how. If not, urge the company to make a proactive positive announcement. Explain that otherwise participants will find out, and rumors will spread. The announcement should indicate clearly the reason for the termination. It also should emphasize that participants will be given education, information and choices-when the termination is approved.
Don't delay even one day in making this call. Your goal is to be the first financial advisor to call a decision-maker at the plan, right after the 5310 is filed. You won't be the last!
Make a commitment to check the 5310 "Open" data for your state at least once each week. Build it into your routine. Teach your assistant or secretary how.

Instant Insights /

5310 data is the key to plan rollovers

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