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Missing Participant Guidance Trifecta | Seyfarth Shaw LLP

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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 use the PBGC Missing Participant Program.
Uniting participants with their retirement benefits has been a priority for the DOL for a number of years, as well as for plan sponsors and fiduciaries who want to see their employees benefit from their hard earned retirement dollars. In that regard, while additional guidance is always welcome, as discussed below, several of the DOL’s best practices could be viewed as impractical at best, or at worst, unworkable by plan fiduciar ....

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No More Missing Pieces: U.S. Department of Labor Issues Guidance on Missing Participants

No More Missing Pieces: U.S. Department of Labor Issues Guidance on Missing Participants
February 2, 2021
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On January 12, 2021, the U.S. Department of Labor (DOL) released additional guidance regarding plan fiduciaries’ duties to find and distribute benefits to missing retirement plan participants. This guidance is helpful because (1) prior guidance lacked clarity in the case of ongoing plans, and (2) missing participants have been a particular focus of DOL plan audits in recent years.
What’s New in the Missing Participant Guidance?
Red Flags
The DOL’s guidance identifies the following items as “red flags” that may signal that the plan has an issue relating to missing or nonresponsive participants: ....

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DOL Guidance on Missing Pension Plan Participants – Part II | Verrill

On January 18, we published a blog post regarding new Department of Labor (“DOL”) guidance on missing plan participants. That post is available here, and describes the DOL’s guidance on. ....

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