On Jan. 12, 2021, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) released guidance to help plan fiduciaries meet their obligation to locate missing or nonresponsive participants. The guidance contains three components:
- Missing Participants – Best Practices for Pension Plans, detailing steps that fiduciaries can take to reduce missing participant issues.
- Compliance Assistance Release No. 2021-01, outlining the approach EBSA will follow under the Terminated Vested Participants Project.
- Field Assistance Bulletin No. 2021-01, authorizing the use of the Pension Benefit Guaranty Corporation’s (PBGC) Missing Participant Program for terminating defined contribution plans.
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