An important fiduciary duty for a plan sponsor is the timely processing of distributions to former employees and beneficiaries. Employers can lose track of former employees and benefits can remain unclaimed for long periods of time. The Department of Labor (DOL) has published guidelines for employers with steps to locate missing participants. The following article describes the DOL guidance and best practices for dealing with this important and vexing issue.
DOL to Plan Sponsors: Find Missing Participants
For questions or more information, please contact Richard Green at rgreen@windes.com or 844.4WINDES.
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