ThinkAdvisor reached out to benefits and executive compensation partner Fred Reish for his reaction to the new forms of guidance that have been released by the Department of Labor (DOL) to help plan fiduciaries meet their obligations under Title I of the Employee Retirement Income Security Act.
In the article, “New Labor Guidance Helps Retirement Plans Find Missing Participants,” Reish noted that the DOL “has been investigating plans on this issue and asserting fiduciary breaches where the plans didn’t track former employees who left account balances behind.”
Reish added that employer trade groups have been asking for clarity on this issue. “The private sector (e.g. employer trade associations) have been complaining that the DOL hasn’t issued clear guidance on what fiduciaries need to do about former employees who can’t be located,” said Reish.