Missing Participants with no Social Security #s

[Guest maddie7]

We are trying to terminate DB plan that is subject to PBGC coverage. We have 2 vested terminated participants who terminated employment in the 1970s. The employer does not have any records from back then. We don't have social security numbers for these individuals. How do we do a search for them or purchase an annuity for them without the social security numbers?

[david rigby]

Have you reviewed this information?
http://www.pbgc.gov/prac/terminations/missing-participants.html

If you have no SSN (which I find a little difficult to believe), perhaps your search should include relatives and former co-workers.

[My 2 cents]

Have you reviewed this information?

http://www.pbgc.gov/prac/terminations/missing-participants.html

If you have no SSN (which I find a little difficult to believe), perhaps your search should include relatives and former co-workers.

Presumably, they won't know what the SSN is/was, but they can perhaps make it possible for you to verify that they had died or even get in touch with these missing participants.

How long has it been since employers did not have to report compensation for all employees by SSN? Wasn't that required in the 1970s? Which is not to say that one does not ever encounter employers lacking that information for long-terminated employees.

[K2retire]

How long has it been since employers did not have to report compensation for all employees by SSN? Wasn't that required in the 1970s? Which is not to say that one does not ever encounter employers lacking that information for long-terminated employees.

The issue is probably that someone told them they only need to keep payroll records for 6 years. Those record retention suggestions tend to forget about retirement plans.