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|No More Missing Pieces: DOL Issues Guidance on Missing Participants|
Sidley Austin LLP
Feb. 2, 2021
"Plan sponsors or fiduciaries should:  prepare or update written plan procedures ... to include the 'best practices' set forth in the DOL guidance;  review the DOL's new 'red flag' checklist, and take action to eliminate any red flag items that could apply;  confirm that plan recordkeepers and third-party administrators are implementing and following the plan's procedures ...  clean up data and file feeds to their recordkeeper/third-party administrator;  contact participants (both current and terminated/retired) and beneficiaries on a periodic basis to confirm or update their contact information."
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