DOL Releases Guidance On Addressing The Missing Participant Problem

The problem of "missing" participants and beneficiaries (individuals for whom the plan administrator does not have adequate contact information) is an ongoing issue for retirement plan administrators. It is also an area to which the DOL has dedicated significant attention in recent years, particularly in its enforcement actions, which has been a challenge for administrators. While there are general requirements under ERISA to maintain adequate plan records and distribute materials to participants and beneficiaries, there has been little in the way of specific DOL guidance regarding missing participants outside the context of plan terminations. However, on January 12, 2021, the Employee Benefits Security Administration's (EBSA) issued two pieces of helpful guidance, (i) outlining best practices for dealing with missing participants and (ii) explaining EBSA's processes with respect to its Terminated Vested Participants Project (TVPP) audit program. The DOL also issued