Guest Don J. Smith Posted September 25, 2000 Share Posted September 25, 2000 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. Link to comment Share on other sites More sharing options...
Guest spritcha Posted September 25, 2000 Share Posted September 25, 2000 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. Link to comment Share on other sites More sharing options...
bzorc Posted September 25, 2000 Share Posted September 25, 2000 You could also send the money to the state that the employer is in and call it "unclaimed property". Let the state worry about it! Link to comment Share on other sites More sharing options...
david rigby Posted September 25, 2000 Share Posted September 25, 2000 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. Link to comment Share on other sites More sharing options...
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