Missing Participant Turns Up After Paying PBGC

[BH1528]

I have a terminating DB Plan covered by the PBGC that recently paid the liability to the PBGC through the missing participants program. I had confirmation from the PBGC that the plan could use the missing participants program. The participant just reached out claiming that their paperwork just came in the mail (doubtful as it was sent a few months ago, and again as a follow up). They are looking to roll over their lump sum into an IRA. What would the correct steps be? Could the plan sponsor ask the PBGC for the money back to pay the participant? Or does the participant have to wait until all of the paperwork is finalized and then seek payment from the PBGC?

[david rigby]

Assuming the Plan performed the termination correctly, and passed the info and $$ to the PBGC correctly, the Plan is done.  Provide the participant with the PBGC contact information.