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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 Policy with respect to missing participants of terminating defined contribution plans.
Best practices for missing participants
The document, titled “Best Practices for Pension Plans,” lists the following “red flags” that suggest to the DOL that an employer may have a problem with missing participants:
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By now, you’ve probably read about the Department of Labor s new guidance on locating missing retirement plan participants. And, as you’re probably already aware, missing participants (and beneficiaries)
1 can be a real headache for plan sponsors – delaying both payment of required distributions (payments at normal retirement age, small balance cashouts, required minimum distributions, etc.) and distribution of required plan disclosures (summary annual reports, summaries of material modifications, etc.).
The DOL s guidance, issued January 12, 2021, includes a host of best practices (the “Best Practices”) plan sponsors and other fiduciaries can use to locate missing or nonresponsive participants. Unfortunately, not every Best Practice will be appropriate for every plan. In this article, we’ll help you sort through the Best Practices to determine which ones may work best for your plan.
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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 It is not uncommon for guidance to be delayed, revised, and/or rescinded as part of the review process.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. This new guidance was released in three parts: a list of best practices for locating and tracking missing participants; a compliance assistance document describing the DOL s missing-participant investigations; and a field assistance bulletin temporarily easing enforcement activities relating to ERISA violations relating to missing participants.
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Best of the Genea-Blogs - Week of 24 to 30 January 2021
Scores of genealogy and family history bloggers write thousands of posts every week about their research, their families, and their interests. I appreciate each one of them and their efforts.
My criteria for Best of . are pretty simple - I pick posts that advance knowledge about genealogy and family history, address current genealogy issues, provide personal family history, are funny or are poignant. I don t list posts destined for daily blog prompts or meme submissions (but I do include summaries of them), or my own posts.
Here are my picks for great reads from the genealogy blogs for this past week: