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Helpful New Guidance on Locating Missing and Nonresponsive Retirement Plan Participants | Locke Lord LLP


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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 It is not uncommon for guidance to be delayed, revised, and/or rescinded as part of the review process.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 missing participants; a compliance assistance document describing the DOL s missing-participant investigations; and a field assistance bulletin temporarily easing enforcement activities relating to ERISA violations relating to missing participants. ....

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DOL Issues Missing Participants Guidance | Groom Law Group, Chartered


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On January 12, 2021, the Department of Labor (the “DOL”) issued three pieces of guidance detailing the DOL’s view of what steps plan fiduciaries should take to locate and distribute retirement benefits to missing or nonresponsive participants (“missing participants”). The guidance is largely consistent with positions taken by DOL in investigations. The guidance provides DOL’s views on what is “best practices” in searching for missing participants and a glimpse into DOL’s enforcement process under its missing participant initiative. However, the guidance does not establish the type of clear, bright-line rules many plan sponsors and services providers were asking for. Importantly, as noted in the guidance, this guidance does not have force and effect of law. As such, while moving the ball forward, whether the guidance helps to create a more efficient path through missing participant investigations wil ....

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