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Text of Testimony of American Benefits Council to ERISA Advisory Council on Locating Missing and Lost Participants (PDF)
American Benefits Council
[Opinion] June 5, 2013 6 pages. "[The Council encourages] the Department to consider that plan sponsors are subject to a myriad of other regulatory mandates regarding lost participants, including the SEC's recently adopted rules on lost security holders and existing state insurance and unclaimed property regulators' requirements for locating beneficiaries.... If a solution is too costly relative to the results -- or likely results -- then the solutions proffered may not be solutions in practice at all. This is especially true when handling small benefit amounts as search costs can rapidly deplete the benefit itself." MORE >> |
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