Locating Lost Retirement Plan Participants

Benefit plan fiduciaries must make a reasonable effort to locate missing participants to receive consent and directions for making plan distributions. Guidance from the Department of Labor indicates that four steps must be taken to locate participants of terminating plans. However, implementing processes to prevent losing track of participants of terminating and ongoing plans can help fiduciaries avoid the time consuming and sometime expensive process of locating participants.
folio-retirement-lg
View