Do You Have Missing Participants in a Retirement Plan? And No IRS or Social Security Letter-Forwarding Program to Turn to!

Tip of the Day

Locating missing participants is a fiduciary duty.  Therefore, action must be taken to locate these participants.

FAB 2014-1, issued August 14, 2014, discusses what fiduciaries should do regarding missing participants of a terminating defined contribution plan.  We believe that even for active plans, fiduciaries should also revise their procedures to reflect the FAB.

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