DOL Outlines What To Do When Retirement Savers Go Missing

Law360 (January 13, 2021, 3:25 PM EST) -- Retirement plan managers who lose track of beneficiaries will have an easier time avoiding ERISA violations now that the U.S. Department of Labor has issued eleventh-hour guidance on how to search for investors who've dropped off a plan's radar.

Attorneys welcomed the Trump administration's new Employee Retirement Income Security Act guidance for connecting retirees with their benefits, but they lamented that Tuesday's documents arrived roughly a half-dozen years after the agency began investigating plan managers over the issue of what the DOL calls "missing plan participants."

"It is good to see that DOL is finally providing guidance to the regulated community...

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