12:00 PM (ET)
Speaker: S. Derrin Watson, J.D., APM
The DOL has revised the rules for dealing with lost participants. This is a perennial problem for retirement plans and the new guidance removes obsolete government locator services in favor of internet searches. Unfortunately, their rules are limited to terminating defined contribution plans and do not address some of the most common situations practitioners face, such as uncashed checks, and invalid social security numbers, for which solid answers do not exist.
This program will address the lost participant landscape in general and the new rules in specific to provide you with a thorough understanding of this important area, as well as strategies to address trouble spots. As always, we are happy to take your questions.
Topics will include:
- When is someone lost: Old rules and new
- What searches should you do?
- What if they are still lost?
- Can you charge accounts for costs of searches?
- Do you need to disclose those charges?
- What alternatives are there for lost participant accounts?
- Should you forfeit the account?
- Should we expect help from the PBGC?
- How do you deal with situations that donít fit the normal mode?
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