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ARTICLE · 04 NOVEMBER 2014

DOL Issues Guidance On Missing Participants In Terminated Plans

Holland & Knight
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The DOL identifies four required steps that a fiduciary must, at a minimum, follow when searching for a missing participant or beneficiary.

United StatesEmployment and HR
Holland & Knight
Holland & Knight
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Austin K. Stack is an Associate in our Miami office.

The Guidance Focuses on How to Search for Missing Participants or Beneficiaries in Terminated Defined Contribution Plans and How to Distribute Account Balances

HIGHLIGHTS:

  • The Department of Labor (DOL) Field Assistance Bulletin (FAB) 2014-01 provides guidance on (1) how fiduciaries should go about searching for missing participants or beneficiaries in terminated defined contribution plans; and (2) how to properly distribute the account balances of missing participants so that the assets are no longer plan assets and the missing individual is no longer a participant under the plan.
  • The DOL identifies four required steps that a fiduciary must, at a minimum, follow when searching for a missing participant or beneficiary. If the participant is still missing after completing the four required steps, the fiduciary must then consider if additional search steps are appropriate based on factors such as the size

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