Missing Participants: End of the Year Clean Up
As a plan fiduciary, you are responsible for your keeping track of former employees with account balances, a.k.a. missing participants. The DOL and IRS are paying more attention to plan sponsors’ efforts to identify and locate these participants, especially when uncashed checks and approaching RMDs are involved.
If you have missing participants, the first step in locating them is to get your plan in order. By cleaning up your plan, you will be able to identify the participants and then take the necessary steps to locate them.
This easy-to-use checklist can help you take control of former employees and your missing participant problem.