The Department of Labor is increasing its audits of defined benefit pension plans withso-called “missing” participants, thereby pressuring plan administrators to find formeremployees—or their beneficiaries—so that the benefits they’re owedcan be distributed to them.
The Society for Human Resource Management reports that, according to Norma Sharara, a principal inMercer’s employment practices risk management group in Washington,D.C., this is something “completely new” that started in the DOL’sPhiladelphia office as a pilot project last year and is now goingnational.
Related: Quiz: 401(k) plans and compliance
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