According to the Department of Labor, you have a missing participant problem if:<\/p>\n\n\n\n
1) You have more than a small number of missing or nonresponsive participants.<\/p>\n\n\n\n
2) You have more than a small number of terminated vested participants who have reached normal retirement age but have not started receiving their pension benefits.<\/p>\n\n\n\n
3) Missing, inaccurate, or incomplete contact information, census data, or both (e.g., incorrect or out-of-date mail, email, and other contact information, partial social security numbers, missing birthdates, missing spousal information, or placeholder entries).<\/p>\n\n\n\n
4) Absence of sound policies and procedures for handling mail returned marked \u201creturn to sender,\u201d \u201cwrong address,\u201d \u201caddressee unknown,\u201d or otherwise, and undeliverable email.<\/p>\n\n\n\n
5) Absence of sound policies and procedures for handling uncashed checks (as reflected for example, by the absence of an accounting journal or similar record of uncashed checks, a substantial number of stale uncashed distribution checks, or failure to reclaim stale uncashed check funds in distribution accounts).<\/p>\n\n\n\n
As with anything in retirement plans, you need a plan and a way how to handle missing participants. But before you can, you need to know you have a missing participant problem.<\/p>\n\n\n\n
<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" According to the Department of Labor, you have a missing participant problem if: 1) You have more than a small number of missing or nonresponsive participants. 2) You have more than a small number of terminated vested participants who have … Continue reading