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DOL Blesses Use of the PBGC Missing Participant Program for Terminating 401(k) Plans
Proskauer Link to more items from this source
[Guidance Overview]
Jan. 26, 2021

"Use of the PBGC Missing Participants Program does not relieve plan fiduciaries from the duty to diligently search for missing participants and beneficiaries before assets are distributed.... Plan fiduciaries must otherwise comply with the requirements of the DOL safe harbor (although the required notices must be revised to reflect the transfer of the account to the PBGC, and to include the program's website and consumer contact number).... The PBGC's fees may be paid from the transferred accounts, unless prohibited by the plan document ... Plan fiduciaries may transfer accounts to the PBGC if the participant or beneficiary previously elected a lump sum but failed to cash the check prior to its 'cash-by' date "

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