Page 2 - Missing Participants Program News Today : Breaking News, Live Updates & Top Stories | Vimarsana

In the Best Practices of Pension Plans guidance, the DOL outlines “red flags” that may indicate that a retirement plan has a missing participant problem. This is the first time the DOL has published comprehensive guidance to assist plan fiduciaries with respect to missing participants. The Bottom Line In response to this guidance, employers and plan fiduciaries should review their internal retirement plan policies and procedures for locating missing participants and beneficiaries. They should enhance or revise their policies, as necessary, to incorporate the steps identified in the guidan...

To embed, copy and paste the code into your website or blog: 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...

To embed, copy and paste the code into your website or blog: 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 It is not uncommon for guidance to be delayed, revised, and/or rescinded as part of the review process.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...

The Retirement Plan Best Practices Release summarizes what the DOL views as “best practices” for retirement plan fiduciaries navigating issues around missing participants, and “red flags” that the DOL views as indicators of retirement plan fiduciaries who have a problem with missing or nonresponsive participants. As such, the Retirement Plan Best Practices Release provides a framework for fiduciaries to consider in meeting their obligations to attempt to locate missing participants or obtain instructions from nonresponsive participants. ,Terminated Vested Participants Project Defined ...