The Department of Labor's Employee Benefits Security Administration has approved a request from JP Morgan Chase Bank NA and ADP Inc. to terminate or wind up about 180 defined contribution pension plans that have been abandoned because of corporate crises or neglect.
The EBSA will help get the job done through its abandoned plan program, which gives plan participants control over the fate of their own retirement savings.
When employers abandon their individual account pension plans, custodians such as banks, insurers and mutual fund companies are left holding the assets of these abandoned plans but without the authority to terminate such plans and make benefit distributions — even in response to participant demands.
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