News & Analysis as of

Lost Participants

Jackson Lewis P.C.

Labor Force Participation Rates In Manufacturing During COVID-19 Pandemic

Jackson Lewis P.C. on

Economists and industry leaders have identified a continuing shortage of skilled labor in all areas in manufacturing for decades, a situation made worse by the aging and retirement of skilled workers of the Baby Boomer...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Can we do better with automatic rollover IRAs? Yes.

I call myself the “most dangerous ERISA attorney in America” because I’m not afraid to express my opinion. So I’m going to say something that will irk a few people....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The uncashed check fiasco

In the retirement plan industry, we have rules and we have guidelines on what to follow. However, there is one gray area that the Department of Labor (DOL) has absolutely no guidance: uncashed checks....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

If the DOL says you should find missing participants, do it

I’m not afraid of many things, except making the deep water and the heights. I’m not afraid of the Department of Labor (DOL) because I listen to what they’re trying to say. So if they say that missing participants are a...more

Snell & Wilmer

Missing Participants – Out of Sight Out of Mind?

Snell & Wilmer on

Imagine it’s March 31 and you are a retirement plan administrator. You have a participant who terminated employment 15 years ago. He turned 70½ last year and now you owe him his first required minimum distribution from the...more

Laner Muchin, Ltd.

DOL Guidance Regarding Locating Missing Participants Requires Plan Fiduciaries To Make Reasonable Attempts To Locate The...

Laner Muchin, Ltd. on

Locating and distributing the account balances of missing or unresponsive participants invokes ERISA’s fiduciary duty rules. The U.S. Department of Labor (DOL) had previously issued guidance outlining the expectations and...more

Stinson - Benefits Notes Blog

Lost Participant? Did you Try Google?

The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor recently updated its guidance to retirement plan fiduciaries on due diligence and efforts to locate missing participants in the case of...more

King & Spalding

IRS Issues New Correction Procedures for Retirement Plans

King & Spalding on

The IRS recently released new Employee Plans Compliance Resolution System (EPCRS) procedures. The new EPCRS procedures update procedures that were last issued in 2008 (the “2008 EPCRS”). Like the 2008 procedures, the new...more

Littler

The IRS's Retirement Plan Correction Program Has Been Updated and Expanded

Littler on

On December 31, 2012, the IRS issued Revenue Procedure 2013-12, which updates and expands the IRS's Employee Plans Compliance Resolution System (EPCRS) – the IRS's "fix-it" program for retirement plan errors. Every few years,...more

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