Important updates for employee benefit plan administrators

EBSA releases missing participant guidance for plan fiduciaries

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:

  1. Missing Participants – Best Practices for Pension Plans, detailing steps that fiduciaries can take to reduce missing participant issues.
  2. Compliance Assistance Release No. 2021-01, outlining the approach EBSA will follow under the Terminated Vested Participants Project.
  3.  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.

For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

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