Annual Benefits Forum: How To Be an ERISA Superhero
PODCAST: Williams Mullen's Benefits Companion - Missing Plan Participants
Late last year, the Department of Labor (DOL) launched the public Retirement Savings Lost and Found Database. Created as part of SECURE 2.0, the DOL hopes that the database will serve as a centralized location to help missing...more
As explained in my last post, Things I Worry About (7), the DOL’s EBSA has a number of programs that can restore benefits to plans and participants. Those include: - Civil investigations. - Criminal investigations. -...more
The March Monthly Minute digs into an Ohio district court ruling that rejected application of a medical plan exclusion, missing participant guidance and related audit concerns, and responses to the Change Healthcare...more
It’s more work, but it’s clear that the Department of Labor (DOL) wants you to do more work when dealing with former participants who you lose track of, but still have money in your 401(k) plan....more
When a participant experiences a distribution event (e.g., terminating service with the employer), and when the participant does not affirmatively elect to take the distribution, a plan document may require that an account...more
More than 16 million accounts of $5,000 or less — $8.5 billion in the aggregate — were left in workplace plans from 2004 through 2013. That is part of the reason that the DOL believes that dealing with the missing participant...more
On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt is joined once again by Beryl Ball, Principal Financial Advisor at CAPTRUST, who explains the Department of Labor’s recent guidance for plan sponsors...more
For a host of legal and practical reasons, the only feasible alternative for disposing of the accounts of missing participants in a terminating 401(k) or other defined contribution retirement plan qualified only in Puerto...more
The US Department of Labor (DOL) provided three long-awaited pieces of sub-regulatory guidance on January 12 on the issues of missing participants and uncashed checks. This is an area that has been the subject of a focused...more