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.
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.
A final rule opens the current program to terminated DC plans and small professional service defined benefit plans.