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The DOL recently issued Field Assistance Bulletin 2021-01, blessing the PBGC’s Missing Participant Program as an additional method of addressing a perennial issue in 401(k) terminations...
The problem of “missing” participants and beneficiaries (individuals for whom the plan administrator does not have adequate contact information) is an ongoing issue for retirement plan...
Department of Labor DOL Field Assistance Bulletin 2021-01, blesses PBGC’s Missing Participant Program as an additional method of addressing a perennial issue in 401k terminations – the problem of missing participants and beneficiaries with remaining account balances.
Monday, January 25, 2021 The problem of “missing” participants and beneficiaries (individuals for whom the plan administrator does not have adequate contact information) is an ongoing issue for retirement plan administrators. It is also an area to which the DOL has dedicated significant attention in recent years, particularly in its enforcement actions, which has been a challenge for administrators. While there are general requirements under ERISA to maintain adequate plan records and distribute materials to participants and beneficiaries, there has been little in the way of s...
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...