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On January 12, 2021, the Department of Labor (the DOL ) issued three pieces of guidance detailing the
DOL s view of what steps plan fiduciaries should take to locate
and distribute retirement benefits to missing or nonresponsive
participants ( missing participants ). The guidance is
largely consistent with positions taken by DOL in investigations.
The guidance provides DOL s views on what is best
practices in searching for missing participants and a glimpse
into DOL s enforcement process under its missing participant
initiative. However, the guidance does not establish the type of
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On January 12, 2021, the Department of Labor (the “DOL”) issued three pieces of guidance detailing the DOL’s view of what steps plan fiduciaries should take to locate and distribute retirement benefits to missing or nonresponsive participants (“missing participants”). The guidance is largely consistent with positions taken by DOL in investigations. The guidance provides DOL’s views on what is “best practices” in searching for missing participants and a glimpse into DOL’s enforcement process under its missing participant initiative. However, the guidance does not establish the type of clear, bright-line rules many plan sponsors and services providers were asking for. Importantly, as noted in the guidance, this guidance does not have force and effect of law. As such, while moving the ball forward, whether the guidance helps to create a more efficient path through missing participant investigations will have