RayJJohnsonJr Posted Thursday at 01:12 PM Posted Thursday at 01:12 PM This is been a problem for a long time and I haven't asked this question in a while: What is the easiest way to find old terminated employees to try and pay them out? Thank you.
LPHR Posted Thursday at 05:36 PM Posted Thursday at 05:36 PM There are companies that provide this service (of finding terminated employees). I don't recall any names, but your TPA/Service Provider may have some names handy. L I'm an HR professional with deep employee benefits experience. I offer my experiences, suggestions, and experience only, not legal or professional advice of any kind.
CuseFan Posted Thursday at 07:57 PM Posted Thursday at 07:57 PM https://pbinfo.com/locate-missing-participants/ This is one that we use. ESOP Guy and Patty 2 Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
fmsinc Posted Thursday at 09:15 PM Posted Thursday at 09:15 PM Do they have to be "old" terminated employees? What about "young" or "middle aged" terminated emplolyees? CuseFan 1
david rigby Posted Friday at 11:50 AM Posted Friday at 11:50 AM You should review the many prior discussion threads for more ideas and concerns. A search term of "missing" might be helpful. Probably an important part of this process is interviewing current and former employees who know/knew the missing employee. Perhaps interviewing former neighbors. This step is likely undertaken by the employer (not by any TPA). Because the plan sponsor wants a real answer, do not be sucked in by the "last known mailing address" excuse; this is (in very practical terms) a "cop-out". And the sponsor should eventually be prepared to deal with a response similar to "returned to his/her home country". I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Francis Posted 16 hours ago Posted 16 hours ago Even if an employer learns what it believes to be the new mailing address for a terminated employee with a balance, doesn't that participant have to (must) take action to provide instructions to the employer or recordkeeper to change their mailing address? Otherwise, there could be privacy violations, etc.?
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