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ARTICLE · 30 SEPTEMBER 2014

New Guidance On Locating Missing Retirement Plan Participants

Fox Rothschild LLP
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The U.S. Department of Labor issued updated guidance to plan administrators and other fiduciaries as to their obligations to locate missing participants to complete benefit distributions.

United StatesEmployment and HR
Susan Foreman Jordan
Susan Foreman Jordan
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On August 14, 2014, the U.S. Department of Labor issued updated guidance to plan administrators and other fiduciaries as to their obligations to locate missing participants to complete benefit distributions.  While the guidance technically applies only in the context of the termination of a defined contribution plan, it is helpful in other circumstances as well. 

This new guidance, Field Assistance Bulletin (FAB) 2014-1, replaces a similar publication that dates back to 2004.  It was prompted primarily by the discontinuance of the letter-forwarding programs that previously had been maintained by both the IRS and the Social Security Administration and had proven to be effective and inexpensive means of reaching these lost participants. 

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