Guest lip Posted December 10, 2008 Posted December 10, 2008 how does plan sponsor show they have made effort to find person;and what do they do with monies?
BG5150 Posted December 10, 2008 Posted December 10, 2008 What does the plan document say? Usually it says to take reasonable steps to locate the participant; it may even mention using the SSA to find them. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
GMK Posted December 10, 2008 Posted December 10, 2008 Document in writing every step in your search. Contacts, e-mails, letters, phone numbers, responses, follow-ups, etc. As BG5150 pointed out, the SSA may be able to help, as can the IRS: http://benefitslink.com/boards/index.php?s...ng+participants
BG5150 Posted December 11, 2008 Posted December 11, 2008 As for what happens to the money: I think (read: I'm not really sure at all), if the document allows it, the funds can be escheated to the sate in limited circumsatances. I think (see caveat in previous sentence) it's the absolute last resort, though, after all other altenatives have been exhausted. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
david rigby Posted December 11, 2008 Posted December 11, 2008 Don't forget about direct rollover provisions, under $5K. 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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