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DOL Issues Missing Participant Guidance for Retirement Plans
Kilpatrick TownsendLink to more items from this source
[Guidance Overview]
Jan. 15, 2021

"[The DOL] summary identifies a number of red flags for missing participant issues, including when there are a significant number of terminated vested participants who have attained normal retirement age without commencing their benefits or when there [is] a lack of policies and procedures for handling returned mail. In the DOL's view, a sound fiduciary process requires ongoing efforts to keep contact information in census files up to date rather than waiting to rely on participant searches when participants are determined to be missing or nonresponsive."

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