>A DoL news release said that Field Assistance Bulletin 2004-02 not only offers details on the search steps plan sponsors should take, it also how touches on to distribute the assets of missing participants when fiduciaries’ efforts to locate them are unsuccessful. The document suggests search steps could include:
- using certified mail
- checking related plan records
- checking with a designated plan beneficiary
- using a letter-forwarding service such as those from the IRS’ or Social Security Administration.
>In cases where participants cannot be located, or fail to elect a method of distribution, the guidance indicates that plan fiduciaries can follow the new safe harbor regulations governing automatic rollovers for guidance on distributing benefits.
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