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Key Takeaways From The DOL's


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All too often, retirement plan administrators and benefits
attorneys encounter situations with missing participants or
uncashed checks that result in head scratching and exasperation. It
is difficult to believe that trying to deliver money to someone
could produce such frustration, but it happens more than one would
think. In an attempt to alleviate some of these woes and help
ensure that participants and their beneficiaries receive the
retirement benefits due to them, the Department of Labor s
(DOL) Employee Benefits Security Administration (EBSA) came out ....

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DOL Guidance for Retirement Plan Fiduciaries in Search of Missing Participants | Epstein Becker & Green


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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 sponsors and fiduciaries: (1) locating terminated vested participants in defined benefit plans, (2) best practices for managing missing participants, and (3) participation in the Pension Benefit Guaranty Corporation’s (“PBGC’s”) Missing Participants Program for terminating defined contribution plans. The DOL states that the Guidance does not have the force and effect of law and is int ....

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