Terminating Defined Contribution News Today

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...

To embed, copy and paste the code into your website or blog: It is important to note that, since this guidance was issued in the late days of the Trump administration, the Biden administration will likely review this guidance. It is not uncommon for guidance to be delayed, revised, and/or rescinded as part of the review process. On January 12, 2021, the U.S. Department of Labor (“DOL”) issued new guidance on how employee benefit plans can connect with missing plan participants and retirees....