man on ladder with binoculars The DOL estimates that tens of thousands of participants lose track of an estimated $850 million in 401(k), 403(b), 457 and other defined contribution assets each year. (Photo: Shutterstock)

The Department of Labor is asking Congress for $5 million and 22 full-time employees in its 2024 budget to establish a dedicated program to ensure that missing retirement plan participants receive their benefits. The budget request outlines investigative efforts to be led by the Employee Benefits Security Administration (EBSA) aimed at improving economic equity and allowing the agency to focus on vulnerable missing participants.

In fiscal year 2021, EBSA recovered more than $1.5 billion in lost benefits for more than 16,000 missing participants, which equals about $221,000 per investigator per day, according to the funding request. The agency’s enforcement and compliance assistance programs help retired elderly workers and their beneficiaries after their plans have lost track of them or were unable to contact them.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.