Nova 401(k) Associates
Compensation Strategies Group, Ltd.
The Retirement Plan Company (TRPC)/an ABG firm
Creative Pension Consultants, Inc.
Atlantic Pension Services Inc
Nicholas Pension Consultants
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|IRS Provides Guidance on Missing Participants and Escheatment to State Unclaimed Property Funds|
McDermott Will & Emery
Jan. 25, 2021
"The IRS rulings add to the collection of existing guidance on how qualified plans are to deal with the long-standing problem of missing participants. The [DOL] has, through its extensive investigations of plans, taken aggressive action to ensure that missing participants are located, and their benefits are paid to them in as many instances as possible. The new guidance should not be taken as undermining those efforts or suggesting that escheatment is appropriate under Title I of [ERISA], for which the DOL retains jurisdiction. Rather, the IRS is trying to provide some insight as to what the tax implications are if amounts are escheated and, in certain instances, later recovered."
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