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ARTICLE · 22 FEBRUARY 2021

Recent DOL Guidance On Missing Participants

Winston Taylor
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The Department of Labor (DOL) recently issued three guidance documents addressing a plan fiduciary's obligations when participants or beneficiaries do not apply for retirement benefits because they cannot be located.

United StatesEmployment and HR
David E. Rogers
David E. Rogers
Rebecca Miller
Rebecca Miller

The Department of Labor (DOL) recently issued three guidance documents addressing a plan fiduciary's obligations when participants or beneficiaries do not apply for retirement benefits because they cannot be located (or do not respond to critical plan communications). Specifically, the guidance lists best practices for plan sponsors in preventing or redressing a missing participant problem, describes the DOL's internal investigative processes when conducting a Terminated Vested Participants (TVP) audit, and details what steps the DOL requires fiduciaries to take with respect to searching for missing participants in terminating defined contribution plans that make use of the Pension Benefit Guaranty Corporation's (PBGC) Defined Contribution Missing Participants Program.   

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