The guidance includes best practices for locating missing participants in addition to best practices for documenting efforts to do so.
Tag: retirement plan missing participants
Guidance about how to deal with missing participants and uncashed checks has been issued piecemeal over the years.
The bill would create an online database for participants to find "lost" retirement accounts and would change rules for automatic cashouts and rollovers.
The plan sponsor advocacy organization says there have been “numerous reports of aggressive DOL enforcement activity, and sometimes inconsistent positions taken by DOL auditors, regarding how plan sponsors are handling missing participants.”