A Possible Solution To ERISA's Records Retention Burden

By Jorge Leon, Mark Lotito and Julia Mader (February 19, 2021, 3:48 PM EST) -- The fiduciary duties of prudence and loyalty require retirement plan administrators to use reasonable processes in administering plans and to pay plan benefits only to those individuals who are entitled to receive them.

The importance of these concepts was demonstrated most recently on Jan. 12, when the U.S. Department of Labor issued Compliance Assistance Release 2021-01, Field Assistance Bulletin 2021-01 and Best Practices for Pension Plans — the three-part guidance for plan administrators on locating lost and missing plan participants.

This guidance is welcome because reuniting lost participants with their retirement benefits has been a challenge for plan administrators and fiduciaries...

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