Locating Lost Participants and paying them out

[Guest JTS1675]

I have a DB plan that is terminating. Has other two participants besides the owner. One participant has moved out of the country and the other is incarcerated. How would I go about paying these people out so that we can finalize the termination of the plan?

Please respond to the following email also:

Jamess@derbyco.com

Thanks,

James

[J. Bringhurst]

You need to check out the PBGC website, which provides specific procedures for missing participants. Generally, you must try to locate the missing participants in a diligent search, including contacting beneficiaries and/or using a commercial locator service...If they cannot be found, you can either pay the amount of their accrued benefit to the PBGC (and and report on Schedule MP with Appendix B) or you can purchase an annuity contract for them (and report on Schedule MP with Appendix A).

http://www.pbgc.gov/practitioners/plan-ter.../page13263.html

[WDIK]

Might it be possible that this plan is not covered by the PBGC program?

[david rigby]

Probably not wise to assume that "incarcerated" is equivalent to "lost" or "missing".

Several other discussion threads on this topic. Try the Search feature, perhaps using keyword of "missing participant" or similar.

[Appleby]

Probably not wise to assume that "incarcerated" is equivalent to "lost" or "missing".

Or someone who has moved out of the country?