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July 20, 2023

Fred Reish Discusses DOL’s Abandoned Plan Program With ThinkAdvisor

In “DOL Rule on Abandoned Retirement Plans Arrives at OMB,” benefits and executive compensation partner Fred Reish spoke to ThinkAdvisor about the Department of Labor (DOL) filing a rule proposal with the Office of Management and Budget (OMB) that would likely make it easier to wind down pension plans abandoned by employers and give plan participants access to their benefits.

Reish explained how plans may become abandoned “when a company goes out of business or the owner of a small business dies.” He added that the Abandoned Plan Program “finds fiduciaries of abandoned plans and forces them to find the participants and distribute their benefits.” If the fiduciary can’t be found, an independent fiduciary is appointed in court, Reish noted.

The full article is available for ThinkAdvisor subscribers.

Full Article

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