Missing participant guidance helpful, but stakeholders want

Missing participant guidance helpful, but stakeholders want more


Aliya Robinson said online searches for participants with common names is problematic for employers.
Newly issued guidance from the Department of Labor offers retirement plan fiduciaries a list of best practices for locating missing participants and insight into how it approaches investigations on the matter, but left stakeholders wanting more and expressing concerns about the process.
"It's nice that the department released a list of things that they've identified as best practices, but it's frustrating that they haven't linked it to the statute of ERISA, it's frustrating that it comes after seven years of investigations, and it's frustrating that even after all of this they couldn't put together a road map that says, 'We understand that not everybody is going to be found, but we don't want plan fiduciaries spinning their wheels for days and hours trying to figure out what to do,'" said Kevin Walsh, a Washington-based principal at Groom Law Group.

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