News & Analysis as of

Benefit Plan Sponsors Missing Plan Participants

Faegre Drinker Biddle & Reath LLP

Things I Worry About (8): DOL Investigations and Unsuspecting Plan Sponsors (2)

As explained in my last post, Things I Worry About (7), the DOL’s EBSA has a number of programs that can restore benefits to plans and participants. Those include: - Civil investigations. - Criminal investigations. -...more

Verrill

Required Minimum Distributions and Missing Plan Participants

Verrill on

In January of 2021, we published two blog posts regarding Department of Labor (“DOL”) guidance on missing retirement plan participants. The first post describes DOL guidance on best practices for locating missing retirement...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

When it comes to former participants, plan sponsors don’t really know what they’re talking about

About 75% of large 401(k) plan sponsors would rather keep the assets of retired employees in the plan, rather than have these retirees roll over their plan assets into an individual retirement account (IRA), according to a...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Create a missing participant process

It’s more work, but it’s clear that the Department of Labor (DOL) wants you to do more work when dealing with former participants who you lose track of, but still have money in your 401(k) plan....more

Williams Mullen

Annual Benefits Forum: How To Be an ERISA Superhero

Williams Mullen on

Williams Mullen Employee Benefits team share their superpowers and help you fight villains like noncompliance, penalties, and operational errors including; guarding against ineligible dependents with self-audit tips, decoding...more

Faegre Drinker Biddle & Reath LLP

Forced Rollovers of Small Retirement Account Balances: What to Do with Missing Participants

When a participant experiences a distribution event (e.g., terminating service with the employer), and when the participant does not affirmatively elect to take the distribution, a plan document may require that an account...more

Williams Mullen

[Webinar] Annual Benefits Forum: How To Be an ERISA Superhero - September 15th, 11:00 am - 12:30 pm EST

Williams Mullen on

Let the Williams Mullen Employee Benefits team share their superpowers and help you fight villains like noncompliance, penalties, and operational errors! You’ll be ready to: - Guard against ineligible dependents with our...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - Missing Plan Participants

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt is joined once again by Beryl Ball, Principal Financial Advisor at CAPTRUST, who explains the Department of Labor’s recent guidance for plan sponsors...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Advisors Advantage - March 2021

Bad Behavior You Shouldn’t Replicate As A Plan Provider. I like to treat people the way I wanted to be treated. It usually works out, but there are instances where the other side doesn’t follow the path I’ve taken. As a...more

Foley & Lardner LLP

The DOL's New Missing Participant Guidance: Tips for Applying it in the Real World

Foley & Lardner LLP on

By now, you’ve probably read about the Department of Labor's new guidance on locating missing retirement plan participants. And, as you’re probably already aware, missing participants (and beneficiaries) can be a real...more

Bradley Arant Boult Cummings LLP

Missing Retirement Plan Participants? The DOL Says You Should Follow These Best Practices

In response to ongoing pleas for guidance, the Department of Labor (DOL) has published an informal outline expressing its views on how retirement plan administrators should be addressing missing or unresponsive participants....more

McDermott Will & Emery

New Guidance on Missing Participants & Escheatment to State Unclaimed Property Funds

McDermott Will & Emery on

The Internal Revenue Service (IRS) recently issued Rev. Rul. 2020-24 and Rev. Proc. 2020-46 to provide direction with respect to qualified plan distributions paid to a state unclaimed property fund (i.e., an escheatment of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - December 2019

How You Should Deal With Missing Plan Participants. What you need to do. Being a 401(k) plan sponsor isn't easy. Half the battle is identifying your responsibilities as a plan fiduciary. The other half is identifying...more

Snell & Wilmer

2019 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Retirement Plans

Snell & Wilmer on

As 2019 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered health and welfare...more

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