Page 47 - Participants Program News Today

To embed, copy and paste the code into your website or blog: On January 12, 2021, the Department of Labor (DOL) issued long-awaited guidance to assist employers and plan administrators in dealing with the issue of missing participants under retirement plans subject to ERISA. The guidance is comprised of three documents; a list of “best practices” for retirement plans, a description of the DOL’s Terminated Vested Participants Project for defined benefit plans, and a Temporary Enforcement P...

In the Best Practices of Pension Plans guidance, the DOL outlines “red flags” that may indicate that a retirement plan has a missing participant problem. This is the first time the DOL has published comprehensive guidance to assist plan fiduciaries with respect to missing participants. The Bottom Line In response to this guidance, employers and plan fiduciaries should review their internal retirement plan policies and procedures for locating missing participants and beneficiaries. They shou...

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...

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.

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...

In response to ongoing pleas for guidance, the Department of Labor (DOL) has published an informal outline expressing its views on how retirement plan administrators should be...

The Retirement Plan Best Practices Release summarizes what the DOL views as “best practices” for retirement plan fiduciaries navigating issues around missing participants, and “red flags” that the DOL views as indicators of retirement plan fiduciaries who have a problem with missing or nonresponsive participants. As such, the Retirement Plan Best Practices Release provides a framework for fiduciaries to consider in meeting their obligations to attempt to locate missing participants or o...

To print this article, all you need is to be registered or login on Mondaq.com. On January 12, 2021, the Department of Labor (the "DOL") issued three pieces of guidance detailing the DOLs view of what steps plan fiduciaries should take to locate and distribute retirement benefits to missing or nonresponsive participants ("missing participants"). The guidance is largely consistent with positions taken by DOL in investigations. The guidance provides DOLs views on what is "...

To embed, copy and paste the code into your website or blog: On January 12, 2021, the Department of Labor (the “DOL”) issued three pieces of guidance detailing the DOL’s view of what steps plan fiduciaries should take to locate and distribute retirement benefits to missing or nonresponsive participants (“missing participants”). The guidance is largely consistent with positions taken by DOL in investigations. The guidance provides DOL’s views on what is “best practices” in search...