Towers Watson Analyzes Missing Participant Guidance

In “DOL Updates Guidance on Locating Missing Plan Participants”, Towers Watson indicates that:

“The Department of Labor (DOL) has updated its 2004 guidance on the steps necessary to satisfy the fiduciary duty to search for missing retirement plan participants. While much of the earlier guidance remains the same, the update was necessary to address the fact that certain previously mandated search methods are no longer available. In particular, the DOL had required plan sponsors to use letter-forwarding services offered by the IRS or Social Security Administration (SSA), both of which have since been discontinued. The new guidance (Field Assistance Bulletin 2014-01) instead requires the use of free Internet search tools.”

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