small terminated participant balance

[Guest luckey11]

We have a plan that has two lost participants. One has a vested balance of $47 and one has a vested balance of $6. We have tried numerous times to find and contact these people but have had no luck. So I was wondering if there is an amount that if an account is under that, we can give up searching for these people and forfeit the balance? I thought I might have heard $50 at one time. What do you think?

[Guest trumpy]

Sounds reasonable - worst case would be reinstating $53 in benefits if they were to come back and claim the funds.

[david rigby]

Sure it sounds reasonable, but this is an administrative procedure. You need to follow that. (If you don't have such procedure, then this situation is the prompt to put it in writing.)