As the DOL Cracks Down on Missing Participants, What Can Plan Sponsors Do?
Assistant Secretary of Labor Preston Rutledge told the 2019 National Institute on Retirement Security Conference that helping employers make sure participants don’t go missing is the DOL’s long-term goal.
It’s a lofty aspiration.
Plan sponsors can experience many issues with participant data no matter how disciplined their processes. With heightened DOL concerns, it has become increasingly important for plan sponsors and administrators to have systems in place that identify and locate missing participants.
You can learn more about the recent regulatory focus and the importance of search processes and Automatic Rollover IRAs in 401(k) Specialist.
The material in this blog is presented for informational purposes only. Millennium Trust Company performs the duties of a directed custodian, and as such does not sell investments or provide investment, legal or tax advice.