Missing Participants in 401k Retirement Plan
Missing participants can be a consistent area of concern for 401k plan administrators. If a plan sponsor struggles with the time-consuming tasks associated with locating 401k plan missing participants, perhaps there is another avenue that could present an easy solution. Could a quick-path to the best solution for locating 401k plan participants exist through social media or a former employer? At the conclusion of a Plan Sponsor University (TPSU) Fiduciary Education Program held at the University of Louisville in Louisville KY, TPSU Executive Director, Steff Chalk spoke with 401k Professional Veneda Dalton concerning the challenges of locating 401k plan missing participants. Ms. Dalton’s firm employs approximately 180 individuals. Keeping track of that many individuals – some after they have separated from service – can be a monumental task. Learn the unique strategy that this employer used to locate their 401k plan’s missing participant.