The Department of Labor needs to amend its rules regarding missing retirement plan participants to include beneficiaries as well.
So says the ERISA Advisory Council, which believes that when a defined contribution plan is terminated, fiduciaries for the plan should make every effort to find either the missing participant or their beneficiaries.
The council also would like the DOL to spell out the fiduciary obligations plan sponsors have to locate missing and nonresponsive participants in active and frozen retirement plans.
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