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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."

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