How can I find a missing beneficiary under a 401k plan, for whom I hav

[Guest Gage]

How can I find a missing beneficiary (401k plan) for whom I have a social security number? (This is not a terminating plan.)

What is our obligation to do so if we have made a reasonable effort,(And what constitutes a reasonable effort?) Do we need to hire a locator firm? The plan document is silent for this matter. I am wondering if I can put the proceeds in the forfeiture account as the plan document directs to do when we are unable to locate "participants." I sure would appreciate anyone's suggestions!

[Guest gasher]

Believe it or not the SSA will actually locate people for you for free. They have limits on how many searches at any one time, but since you have the social you can ask the SSA to locate the person for you.

[Dave Baker]

More information here:

http://benefitslink.com/boards/index.php?showtopic=2910

http://benefitslink.com/boards/index.php?showtopic=4359

http://www.benefitslink.com/links/19980712-000611.shtml

http://www.benefitslink.com/links/19991129-003346.shtml

http://www.benefitslink.com/links/19990728-002373.shtml

http://www.benefitslink.com/links/19980312-000326.shtml

http://www.benefitslink.com/links/19990817-002513.shtml

http://www.benefitslink.com/links/19990219-001348.shtml

http://www.benefitslink.com/links/19990708-002217.shtml

[Guest PeterGulia]

If the plan is not terminated, why would the plan administrator try to find a beneficiary?

Why not wait until a claimant submits a claim, and then approve or deny the claim?

[Guest Brooks]

Originally posted by PeterGulia

If the plan is not terminated, why would the plan administrator try to find a beneficiary?

Why not wait until a claimant submits a claim, and then approve or deny the claim?

One reason might be a very small account balance (like $16.44 for example) where the cost of handlying the account for several decades makes paying it off very attractive.

[Guest Cutfade]

A useful website is http://www.ancestry.com. This contains a search mechanism (by SSN) to determine if a person has passed away. The person will only appear on this list if his or her family/heirs filed for Social Security Death Benefits. I have had some luck identifying "lost" participants this way. Of course, once you confirm that they are lost (and not at all likely to be found), you need to work to find the designated beneficiary.

[Bill Berke]

It is the employer's responsibitiy to make all reasonable efforts to find a former employee who is due benfits. At the least, in our practice, that means mailing a regular and certified letter to the last known address and then, if necessary, using the IRS's and SSA's letter forwarding service. The threads mentioned by Dave all go into much better detail and should be read. But it is the employer's responsibility that all reasonble means were used and this is serious issue with gov't.