Finding Lost Participants

Today we will be discussing Finding Lost Participants. A guide for plan sponsors.

The Department of Labor highlights the importance of finding missing participants in retirement plans. With over one billion dollars in orphaned accounts, it's crucial for plan sponsors to follow a set process to locate these individuals. This isn't just about following rules; it's about ensuring every participant's assets are managed correctly.

Here are the steps recommended by the Department of Labor: 

Reach Out: Use all known contact methods like email, phone, and physical address. 

Review Records: Check any other contacts provided by the participant, including HR files. 

Contact Others: Reach out to emergency contacts, coworkers, and beneficiaries for updated information. 

Search Online: Use the internet and free platforms for any leads on the participant's whereabouts. 

Hire Professionals: If needed, use paid services like private investigators or credit bureau databases.

If these steps are followed and documented, your plan should be compliant with the Department of Labor, IRS, and legal standards. Remember, every missing participant, regardless of how long they've been gone or account size, deserves effort to be found.

For more information on Finding Lost Participants, contact us today.