Missing plan participants in DB or DC plans seems like a problem… that just should not exist! But, as the U.S continues to support the private pension and 401(k) systems – important changes have come into play which introduce new complexities for employers. But there is also some relief.
People now change jobs frequently. Workers find themselves being participants in multiple retirement plans, with multiple accounts in multiple locations! Missing plan participants have been a problem in search of a fix for years! Enter the U.S. Congress with SECURE 2.0 encouraging the Department of Labor to create a nationwide lost and found database to help plan participants, plan sponsors, and plan providers! A true Win, Win, Win situation!
However, many firms have taken action in advance of the U.S. Government’s relief efforts around missing plan participants. Fred Barstein and WealthManagement.com have addressed some of the benefits and the players in the efforts to help locate missing participants.
WealthManagement.com probes into The Portability Services Network, Meet Beagle and Capitalize.
All these organizations assist plan sponsors, plan participants and plan providers in locating missing participants who are the rightful owners of plan assets.
