Missing participants is always an issue for qualified plans. Both defined benefit and defined contribution plans have to deal with the stress and risks of missing participants.
Now, the Department of Labor is looking at missing participants and is aggressively focusing on this issue. So what is required?
Plan Sponsors need to know what is required to find participants, what happens when missing participants become 70 1/2 and what options are available when they cannot be located.
- Identify the issues and risks that arise from having missing participants;
- Construct procedures to assist in finding missing participants; and
- Recognize the fiduciary duties of plan sponsors when dealing with missing participants.
Speaker: Heather Bader-Abrigo, Counsel, Partner, Drinker Biddle & Reath LLP
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