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Best Practices for Multiemployer Retirement Plan Death Audits
International Foundation of Employee Benefit Plans [IFEBP]
May 29, 2024 "A death audit policy should be written clearly and specific to the needs of the multiemployer plan.... [I]nclude a process for collecting data on not only those currently in 'pay status' who are receiving benefits but also their beneficiaries as well as active participants, terminated vested participants and anyone who could have a future benefit, ... A number of services are available for purchase to assist with participant verification.... An ongoing audit of plan records will ensure that the right participants and beneficiaries continue to receive the benefits they are due while helping the plan avoid overpayments." |
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