Retirement plan fiduciaries can get help to locate and distribute retirement benefits to missing plan participants under guidance that the U.S. Department of Labor's Employee Benefits Security Administration (EBSA) issued on Jan. 12.
The new guidance for complying with the Employee Retirement Income Security Act (ERISA) consists of three parts:
*** Missing Participants—Best Practices for Pension Plans describes best practices that fiduciaries of defined benefit pension plans or 401(k)-type defined contribution plans can take to ensure that plan articipants receive promised benefits when they reach retirement age.
*** Compliance Assistance Release 2021-01 outlines the general investigative approach that will guide enforcement actions by EBSA's regional offices under the Terminated Vested Participants Project, which can aid voluntary compliance efforts by plan fiduciaries.
*** Field Assistance Bulletin 2021-01 authorizes fiduciaries of terminating 401(k)-type plans to use the Public Benefit Guaranty Corp. (PBGC) Defined Contribution Missing Participants Program to hold missing or nonresponsive participants' account balances, and to help those participants find and receive their benefits.
Read the rest of the article:
EBSA Clarifies Obligations to Missing Retirement Plan Participants
SHRM | Jan 2021
US DOL Issues Missing Participant Guidance
DOL Press Release | Jan 2021
DOL Guidance
Terminating A 401(k) Plan? The DOL Blesses Use Of The PGBC Missing Participant Program
DOL Releases Guidance On Addressing The Missing Participant Problem
Proskauer | Jan 2021
DOL Guidance on Missing Participants Is No Longer Missing
Morgan Lewis | Jan 2021
DOL Issues Missing Participants Guidance
Groom | Jan 2021
DOL issues guidance on missing participants
Mercer | Jan 2021
IRS Guidance
IRS reviews steps for retirement plans to locate missing participants
Mercer | Nov 2020
IRS New Guidance on State Unclaimed Property Laws and IRS Helpful Reminders on Missing Participants
Wagner | Dec 2020
Missing Participants or Beneficiaries
IRS | May 2020
PBGC Resources
Expanded Missing Participants Program
PBGC
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