Finding Missing Participants

[Guest CarolynA]

In Revenue Procedure 2012-35, the IRS is no longer forwarding letters from plan administrators to missing participants.

What are other plans doing with missing partipants? Thanks.

[MoJo]

In Revenue Procedure 2012-35, the IRS is no longer forwarding letters from plan administrators to missing participants.

What are other plans doing with missing partipants? Thanks.

Social Security still has a forwarding program - although I haven't used either the SSA or IRS in years (one never knows if they've been successful). I've used Intellius.com with some success and Berwyn seems to be a common choice as well.

[ESOP Guy]

I haven't used this firm for a few years now but have always like their service. They have a two levels of service one is a quick and easy online search. The higher level they will do a search that meets the DOL rules for a search and send you a closing letter to that effect if they don't find the person. Thus, you have something to document your search if you need to prove why you forf a lost person.

http://pbinfo.com/address-location-service/

[mbozek]

In Revenue Procedure 2012-35, the IRS is no longer forwarding letters from plan administrators to missing participants.

What are other plans doing with missing partipants? Thanks.

Social Security still has a forwarding program - although I haven't used either the SSA or IRS in years (one never knows if they've been successful). I've used Intellius.com with some success and Berwyn seems to be a common choice as well.

SS charges $25 per letter. Other options include locating the beneficary to find the address of the participant.

Problem is that many participants will never be located because they are dead or have changed their identity to avoid being found.

If you have access to the SS ID data base check to see if the partcipant is deceased.

Ultimately the benefits can be forfeited when they become payable to avoid violating the rules for commencing MRDs if the plan has such a provision.