Sponsors Should Understand How to Use DOL Guidance on Missing Participants
Industry experts point out that not all suggestions from the DOL work for every plan sponsor, and they share tips for implementing the guidance and list unanswered questions.
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Earlier this month, the U.S. Department of Labor (DOL)’s Employee Benefits Security Administration (EBSA) issued guidance to help retirement plan fiduciaries locate and distribute retirement benefits to missing or nonresponsive participants.
The guidance included three parts. A page titled “Missing Participants – Best Practices for Pension Plans” describes a range of best practices for fiduciaries of retirement plans to consider. Compliance Assistance Release 2021-01 reveals the information EBSA staff request from plan sponsors and the errors they look for during investigations under the Terminated Vested Participants Project for defined benefit (DB) plans. Field Assistance Bulletin 2021-01 authorizes plan fiduciar
Prudential announces plan to separate Jackson in Q2 2021 through demerger; Steven A Kandarian appointed Jackson Non-Executive Chair · Proposed demerger would accelerate Jackson separation and complete Prudential s transformation to focus exclusively on its high-growth Asia and Africa businesses · Former MetLife CEO Steven A Kandarian to serve as Non-Executive Chair of Jackson, effective 1 February 2021 · Jackson RBC ratio expected to be 425-450 per cent at point of separation following recapitalisation from debt raising · Prudential considering equity raise of around $2.5-3 billion to increase financial flexibility and take advantage of Asia growth opportunities · 2020 operating performance expected to be in line with current market expectations
The bill contains provisions designed to improve the financial situation of multiemployer plans, as well as provisions for funding relief for single-employer defined benefit plans.
Emergency Pension Plan Relief Act of 2021 Introduced in the House planadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from planadviser.com Daily Mail and Mail on Sunday newspapers.
The bill would also extend funding relief for single-employer defined benefit plans.
House Ways and Means Committee Chairman Richard Neal, D-Massachusetts, has introduced the Emergency Pension Plan Relief Act of 2021 (EPPRA).
The bill includes provisions from the previously introduced Butch Lewis Act and other provisions designed to address the worsening multiemployer pension crisis. It also contains long-expected proposals for single-employer defined benefit (DB) plan funding relief.
“The COVID-19 economic downturn has only worsened the multiemployer pension crisis and increased the urgency with which we must act to help folks whose financial security is at risk,” Neal said in a statement. “I’m committed to getting a solution to this crisis signed into law as quickly as possible and have even urged Speaker [Nancy] Pelosi to include a multiemployer fix in the next COVID-19 relief legislation the House considers.”