A missing participant or lost participant is an individual who has left employment at a company that has a retirement plan in which they have a vested benefit. The missing participant’s retirement account balance from a previous employer is rolled over to an Automatic Rollover IRA. The Automatic Rollover Account and is now being managed, for the benefit of the missing participant, by Polycomp Administrative Services, Inc., a third party administrator.
Automatic Rollover IRA Accounts
Your previous retirement plan contains the provision to allow the plan trustees to distribute a participant’s vested account without his or her consent (often called “involuntary cash‐out distributions”). For distributions in excess of $200, the involuntary cash‐out must be automatically rolled over to an IRA instead of being distributed directly to you to be in compliance with Department of Labor regulations. Automatic rollovers into an IRA are not a taxable distribution.