Failure to find missing participants could disqualify a retirement plan under the tax code and lead to breaches of the ERISA fiduciary duty.
Serco Inc. will also provide PBGC field offices with database support and data analytics.
Employees are changing jobs more frequently than ever before, says Mark Koeppen at FPS Trust; when they go missing, this can lead to wasted time and money spent on administration of their orphaned savings.
Mercer offers recommendations for retirement plan sponsors to search for missing participants.
Over the last few years, all three federal agencies that regulate retirement plans have been focusing on missing participants; advisers have a key role to play when it comes to helping clients ensure compliance.