Leverage Our Search Services
Missing participants from retirement plans can be a drain on resources, impair effective plan administration and expose plan providers to fiduciary risks.
We offer a thorough search service leveraging extensive databases to help locate missing participants and enable easy follow up.Connect with an Expert
Locate Missing Participants
When missing participants leave balances behind, it can cause serious complications for administrators. This is especially important given the Department of Labor’s stated goal of helping plan sponsors ensure that participants never go missing. Our search service is designed to help reduce costs and liabilities associated with DOL regulations and reflects our commitment to reconnecting participants with their retirement assets.View article
How we can help
Our search services process can help you:
- locate the vast majority of addresses for missing participants;
locate missing participants with balances of any size;
meet the Required Minimum Distribution (RMD) standards for missing participants who are 72*; and
relieve increasing pressure from the DOL.
Let our fast and cost-effective solution help you reduce costs and liabilities, and better serve plan participants.
*With the SECURE Act signed into law in December 2019, the RMD age increased from 70 1/2 to 72, effective Jan. 1, 2020.
How does Search Services work?
With as little as a name and social security number, Millennium can utilize its multi-step search process to identify inconsistencies in missing participant addresses, inaccuracies within participant data, and updates to life status. Within only a few days, we provide a cumulative report via a secure, password-protected document.
For a reasonable cost, we can provide you with the information needed to help you fulfill one of your fiduciary responsibilities within a short time frame.Read Fact Sheet