Several key retirement industry groups came out with letters of support this week for the Pension Benefit Guarantee Corp.'s notion of putting into place a program for managing the 401(k) dollars of missing account holders.
Sending one of the letters were the The ERISA Industry Committee, the Plan Sponsor Council of America and the U.S. Chamber of Commerce. The American Benefits Council sent another letter.
In 2006, Congress approved an ERISA amendment allowing some plan administrators to transfer a missing participant's benefits to the PBGC upon termination of the plan. The ruling affected multi-employer plans, defined contribution plans and certain defined benefit plans. These terminations all require a "diligent search" for the missing person.
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