Can't find terminated participants.

[Guest Don J. Smith]

Employers business went bankrupt. Closed the doors and terminated the plan. Trustee (ttee is ER)wants to pay out all participants but is unable to locate 3 of them. What is he soppose to do? Note: the biggest balance is just over $200.00 of these lost participants.

Any guidance/comments would be appreciated.

[Guest spritcha]

Try using internet locators, former employees who might still have contact or the IRS or SSA letter forwarding program. If not, you might open a savings account or IRA in the name of the participant. There was a vendor at the ASPA conference who specialized in rollover IRAs for unlocated participants. I don't really like the idea because it just passes the buck! This is a problem for everyone.

[bzorc]

You could also send the money to the state that the employer is in and call it "unclaimed property". Let the state worry about it!

[david rigby]

Several discussion threads on this topic. Try a search of the message boards.