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ARTICLE · 20 JANUARY 2021

DOL Guidance On Missing Pension Plan Participants

Verrill Dana
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The Department of Labor ("DOL") has undertaken a nationwide compliance initiative to ensure that retirement plan

United StatesEmployment and HR
Kimberly S. Couch
Kimberly S. Couch

The Department of Labor ("DOL") has undertaken a nationwide compliance initiative to ensure that retirement plan participants receive the benefits that they were promised when they reach their retirement age. To that end, the DOL recently issued three pieces of guidance – (i) Missing Participants - Best Practices for Pension Plans ("Best Practices"), (ii) Field Assistance Bulletin No. 2021-01 ("FAB 2021-01") and (iii) Compliance Assistance Release No. 2021-01 ("CAB 2021-01"). This blog post addresses the Best Practices guidance. FAB 2021-01 (which describes the DOL's temporary enforcement policy regarding use of the Pension Benefit Guaranty Corporation's Missing Participant Program by terminating defined contribution plans) and CAB 2021-01 (which is a memorandum to the DOL's Regional Directors intended to facilitate consistent audit practices in the DOL's Terminated Vested Participant enforcement project and voluntary compliance by fiduciaries) will be addressed in a

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