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The U.S. Department of Labor issued Compliance Release No. 2022-01 on March 10, 2022, raising “serious concerns” over the prudence of retirement plan fiduciaries’ investing in...
The U.S. Department of Labor DOL recently issued important guidance for retirement plan sponsors and fiduciaries on their obligations to find missing participants
To embed, copy and paste the code into your website or blog: The U.S. Department of Labor (“DOL”) recently issued important guidance (“Guidance”) for retirement plan sponsors and fiduciaries on their obligations to find missing participants entitled to retirement plan benefits. Retirement plan sponsors and fiduciaries are at greater risk given the uptick in missing participant audits by the DOL. (More information on missing participant audits is available here.) The Guidance generally addresses the following three components of missing participant issues facing retirement plan sponsor...
To embed, copy and paste the code into your website or blog: The Department of Labor (DOL) has issued long-awaited guidance on what it views as appropriate procedures for retirement plans to locate missing or nonresponsive participants. Plan sponsors and fiduciaries of all retirement plans, but especially defined benefit pension plans, should review and update their policies and procedures for communicating with terminated vested participants and locating missing participants carefully in view of this guidance. The DOL's new missing participants guidance takes the form of (i) a summary of wha...