Page 8 - Participant Program News Today

For decades, it was common for employers to maintain employer-funded defined benefit pension plans (“DB Plans” or “Plans”) to provide retirement benefits to their employees. In recent...

The Marine Corps Marathon Organization (MCMO) announced today that registration for the 16th Marine Corps Historic Half (MCHH) Events opens today at noon.

When Sam Semilia toted up his retirement finances, he was pretty sure that he was due a pension ...

A masterful retelling of a timeless classic GUELPH, ON March 17, 2022 – With a mission to deliver the appreciation of art, ballet, and Canadian

To embed, copy and paste the code into your website or blog: On January 12, 2021, the Department of Labor (DOL) issued a 3-part set of missing participant guidance for employer-sponsored retirement plans, addressing a variety of issues: Best practices for reducing missing participant populations; Explanation of the DOL’s goals and process in missing participant audits under the Terminated Vested Participant Project; and Authority for fiduciaries of terminating defined contribution plans to us...

The DOL recently issued Field Assistance Bulletin 2021-01, blessing the PBGC’s Missing Participant Program as an additional method of addressing a perennial issue in 401(k) terminations...

The problem of “missing” participants and beneficiaries (individuals for whom the plan administrator does not have adequate contact information) is an ongoing issue for retirement plan...

Department of Labor DOL Field Assistance Bulletin 2021-01, blesses PBGC’s Missing Participant Program as an additional method of addressing a perennial issue in 401k terminations – the problem of missing participants and beneficiaries with remaining account balances.

Monday, January 25, 2021 The problem of “missing” participants and beneficiaries (individuals for whom the plan administrator does not have adequate contact information) is an ongoing issue for retirement plan administrators.  It is also an area to which the DOL has dedicated significant attention in recent years, particularly in its enforcement actions, which has been a challenge for administrators. While there are general requirements under ERISA to maintain adequate plan recor...

On January 18, we published a blog post regarding new Department of Labor (“DOL”) guidance on missing plan participants. That post is available here, and describes the DOL’s guidance on...