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Can't find terminated participants.


Guest Don J. Smith

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Guest Don J. Smith

Employers business went bankrupt. Closed the doors and terminated the plan. Trustee (ttee is ER)wants to pay out all participants but is unable to locate 3 of them. What is he soppose to do? Note: the biggest balance is just over $200.00 of these lost participants.

Any guidance/comments would be appreciated.

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Guest spritcha

Try using internet locators, former employees who might still have contact or the IRS or SSA letter forwarding program. If not, you might open a savings account or IRA in the name of the participant. There was a vendor at the ASPA conference who specialized in rollover IRAs for unlocated participants. I don't really like the idea because it just passes the buck! This is a problem for everyone.

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Several discussion threads on this topic. Try a search of the message boards.

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

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