When trying to track down missing participants, the search can often lead to dead ends; sometimes there is no way to track down a participant. They may have passed away without anyone knowing about their retirement plan account balance or they may have left the country with no forwarding information. When a participant is “lost” after extensive searches have been made, it’s wisest to consult with your TPA or ERISA attorney as to the best action to take on their account. This may include rolling the entire balance to an IRA or escheating it to the state. Again, consult with your TPA or ERISA attorney for what is best for you. Your plan document may have language governing how “lost” participants’ accounts are handled.

We’re here to help! Some of the regulations and laws around retirement plans can be confusing, and finding “lost” participants can be one of those aspects. Give us a call for consultation.