More than 16 million accounts of $5,000 or less — $8.5 billion in the aggregate — were left in workplace plans from 2004 through 2013. That is part of the reason that the DOL believes that dealing with the missing participant problem is needed.

So if the DOL says it’s a big deal, it’s a big deal to you. Develop a procedure in dealing with former employees who leave their money in your 401(k) plan. If mail is returned, find them. Invest in a good Internet search firm and locate these former employees. It’s your fiduciary duty to provide them with required notices and information. Don’t wait until the plan terminates, to locate them.