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New DOL guidance on missing participants; What employers should know | Thompson Coburn LLP


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On January 12, 2021, the Department of Labor (DOL) issued long-awaited guidance to assist employers and plan administrators in dealing with the issue of missing participants under retirement plans subject to ERISA. The guidance is comprised of three documents; a list of “best practices” for retirement plans, a description of the DOL’s Terminated Vested Participants Project for defined benefit plans, and a Temporary Enforcement Policy with respect to missing participants of terminating defined contribution plans.
Best practices for missing participants
The document, titled “Best Practices for Pension Plans,” lists the following “red flags” that suggest to the DOL that an employer may have a problem with missing participants: ....

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How to Find Unclaimed Retirement Benefits


How to Find Unclaimed Retirement Benefits
If you re missing a retirement plan from a previous employer, here s how you find it.
This story originally appeared on SmartAsset.com.
Many employers offer retirement benefits, and some will even match their employees’ contributions. However, most people leave employers several times throughout their careers.
In leaving one job and taking on another, some employees forget to take their 401(k) or other retirement accounts with them.
If there’s a chance you have unclaimed retirement benefits but aren’t sure how to access them, here’s how to find your unclaimed retirement benefits.
How Retirement Benefits Go Missing ....

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