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DOL Guidance on Missing Participants in Terminated Plans
Holland & Knight Link to more items from this source
[Guidance Overview]
Nov. 3, 2014
"[DOL FAB 2014-01] provides guidance on [1] how fiduciaries should go about searching for missing participants or beneficiaries in terminated defined contribution plans; and [2] how to properly distribute the account balances of missing participants so that the assets are no longer plan assets and the missing individual is no longer a participant under the plan. The DOL identifies four required steps that a fiduciary must, at a minimum, follow when searching for a missing participant or beneficiary. If the participant is still missing after completing the four required steps, the fiduciary must then consider if additional search steps are appropriate based on factors such as the size of a participant's account balance and the cost of further search efforts."

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