Missing Participants Terminated Plans

[Guest roseadmin]

I have a couple plans that are terminated.....one plan made a PS contribution many many moons ago and we are left with numerous participants without addresses and minimal balances. We were considering transferring their balances to 'Unclaimed Funds" any thoughts

Another we have participants with substantial balances and would like to open rollover accounts but not sure how to go about it (where, how, fees, trustee responsibilities.......)

[Guest Kabert]

BOTH the IRS and the DOL have issued guidance that directly addresses your question. The DOL guidance says there is a fiduciary obligation to try to find the lost participants -- the guidance describes the methods for tracking people down. There are also lots of "pension search" companies out there that charge 8 or 10 dollars per person (less if you have lots of people) to locate someone. Only if all else fails (after following the DOL, etc. guidance) do you -- with a DC plan -- send the funds to the state unclaimed property office. With a DB, of course you either buy an annuity K or send the money to the PBGC.

[Bill Presson]

BOTH the IRS and the DOL have issued guidance that directly addresses your question. The DOL guidance says there is a fiduciary obligation to try to find the lost participants -- the guidance describes the methods for tracking people down. There are also lots of "pension search" companies out there that charge 8 or 10 dollars per person (less if you have lots of people) to locate someone. Only if all else fails (after following the DOL, etc. guidance) do you -- with a DC plan -- send the funds to the state unclaimed property office. With a DB, of course you either buy an annuity K or send the money to the PBGC.

Kabert is correct. In addition, you can go to www.penchecks.com.

Disclaimer: I have no financial interest in that company.