11.21.2023

Missing Participants

In this webinar, CAPTRUST's institutional services expert, Pete Ruffel, addresses the growing challenges that retirement plan sponsors face with missing plan participants. With the retirement of Baby Boomers, a rise in corporate mergers and acquisitions, and an increasingly mobile workforce, keeping track of participant address data is more challenging than ever.

Pete outlines the essential steps fiduciaries must take to find missing participants and provides key takeaways for navigating a Department of Labor investigation. The discussion covers:

  • Required Search Steps: Learn the four minimum steps the DOL mandates that plan fiduciaries must take before ceasing efforts to locate participants—including the use of certified mail, reviewing related plan records, contacting beneficiaries, and leveraging free online search tools.
  • Fiduciary Responsibility: Understand that reuniting participants with their money is a critical part of your fiduciary duty, as benefits must be paid on time and required disclosures and minimum distributions must be made.
  • Navigating DOL & IRS Guidance: The webinar details what happens when participants cannot be found and where plan sponsors can find additional information from the DOL and IRS to remain compliant.

The CAPTRUST Advantage: Discover how CAPTRUST can help you navigate these requirements, partner with your record keeper, and develop a robust plan for locating missing participants.

Ultimately, finding missing people and reuniting them with their money is your fiduciary responsibility, and this webinar will provide you with the information you need to stay on top of this important task.

To download a copy of the transcript, click here.

Legal Notice

This material is intended to be informational only and does not constitute legal, accounting, or tax advice. Please consult the appropriate legal, accounting, or tax advisor if you require such advice. The opinions expressed in this report are subject to change without notice. This material has been prepared or is distributed solely for informational purposes. It may not apply to all investors or all situations and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. The information and statistics in this report are from sources believed to be reliable but are not guaranteed by CAPTRUST Financial Advisors to be accurate or complete. All publication rights reserved. None of the material in this publication may be reproduced in any form without the express written permission of CAPTRUST: 919.870.6822.

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Presenter

Peter Ruffel

Senior Manager | Defined Contribution

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