Despite intense DOL activity surrounding missing retirement plan participants, at least those participants’ retirement savings are preserved, say executives at Retirement Clearinghouse. And, focusing on a solution to retirement plan cashouts may actually help plan sponsors find missing participants.
“I have been reading a lot about missing retirement plan participants lately. If our plan has any, should I be concerned about locating them? If so, what steps should I be taking?”
Beginning in January, terminating DC plans will have the option of transferring missing participants’ benefits to PBGC instead of establishing an individual retirement account (IRA) at a financial institution.