Employers have been inundated with information regarding fee disclosure as it relates to their retirement plans over the last several years. One cost that is often overlooked is dealing with lost terminated participants. It is the employer’s responsibility to track down these employees so they can be provided the necessary information and notices, as they are still participants in the plan. The problem is, what options do employers have since last year the Internal Revenue Service discontinued its letter-forwarding program to help find lost participants?
The Department of Labor suggests these methods in attempting to locate missing participants who may be due benefits:
