Legislative and Judicial Actions
DOL Missing Participant Guidance Not a List of Requirements
Plan fiduciaries will have to decide which suggestions fit their situations, and there are a few questions left unanswered, sources say.
IRS Rules on Tax Treatment of Uncashed Distribution Checks
Does an individual’s failure to cash a retirement plan distribution check permit her to exclude the amount of the designated distribution from her gross income in that year?
Retirement Outcomes of Cashed Out Plan Participants Worse Than Missing Participants
ERIC Calls on DOL to Issue Detailed Missing Participant Guidance
The letter also asks that until guidance is provided, for the DOL to stop issuing letters that allege an employer has committed a breach of fiduciary duty with respect to the practices utilized to locate missing retirement plan participants.
MetLife Faces Court Challenges for Pension Risk Transfer and Beneficiary Practices
According to the text of the complaint, the action seeks to hold MetLife accountable for the company’s conversion of more than $500 million in annuitized retirement benefits, interest, and unlawful profits over the last 25 years. State regulatory authorities in Massachusetts are also getting involved.
PBGC Offers Missing Participants Program to DC Plans
A final rule opens the current program to terminated DC plans and small professional service defined benefit plans.