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Updated Guidance on Managing Missing Participants

Plans have both fiduciary requirements and practical motivations to make timely delivery of vested benefits.
It’s surprisingly easy for defined benefit (DB) and defined contribution (DC) plans to lose track of participants who no longer are employed by the company. At the individual level, people move to new homes and change their email address and neglect to notify the plan. Participants die and their estate administrators or heirs lack information about a vested benefit.
At the organizational level, merger and acquisition (M&A) activity leads to plans being combined. Plans get renamed and a participant’s original plan could undergo multiple consolidations and name changes. A change of recordkeeper can result in the new one receiving only summary information that lacks a robust history of address tracking efforts by the prior plan. ....

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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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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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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 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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