Coronavirus (COVID-19) News and Resources
Coronavirus (COVID-19) Webcasts
Subscribe to Free Daily Newsletters
Post a Job

Featured Jobs

ESOP Valuation Writer
Unique ESOP Valuation Provider
(Telecommute)
Enrolled Actuary
Loren D. Stark Company logo
Loren D. Stark Company
(Telecommute)

Free Daily News and Jobs

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Get the BenefitsLink app LinkedIn
Twitter
Facebook

<< Previous news item   |   Next news item >>



Text of DOL Field Assistance Bulletin 2014-01: Fiduciary Duties and Missing Participants in Terminated Defined Contribution Plans
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
[Official Guidance]
Aug. 14, 2014
"At a minimum, fiduciaries should take all of the following steps before abandoning efforts to find a missing participant and obtain distribution instructions.... [1] Use Certified Mail.... [2] Check Related Plan and Employer Records.... [3] Check With Designated Plan Beneficiary.... [4] Use Free Electronic Search Tools.... A plan fiduciary should consider the size of a participant's account balance and the cost of further search efforts in deciding if any additional search steps are appropriate.... In [some] cases, the plan fiduciaries will have no choice but to select an appropriate distribution option to complete the plan's termination.... If a plan fiduciary cannot find an individual retirement plan provider to accept a direct rollover distribution for a missing participant or determines not to make a rollover distribution for some other compelling reason ... the fiduciary may consider two other options.... [1] opening an interest-bearing federally insured bank account in the name of the missing participant or beneficiary, or [2] transferring the account balance to a state unclaimed property fund.... 100% Income Tax Withholding Is Not An Option."

Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the link above).
An important word about authorship: BenefitsLink® is providing a hypertext link to the item shown above, but is not the author of the item (unless otherwise specified).
© 2020 BenefitsLink.com, Inc.