"Rules governing lost and missing participants need to reflect the workforce of today and tomorrow," said Jan Jacobson, senior counsel retirement policy at American Benefits Council in the letter. "Today, not only do individuals often change jobs, move between communities and experience restructured families, but employers also engage in numerous different and complicated corporate and business related transactions, such as acquiring and divesting businesses, that impact employees, as well as employee benefit plans, systems and service providers."

According to industry estimates, up to 4 percent of DC plans terminate each year. The Department of Labor said that in 2010, there were 654,421 DC plans in place. Thus, as many as 25,000 plans terminate every year.

Service providers estimate that around half of these plans will have at least one missing participant when they terminate. The majority of these accounts hold less than $3,000, but the value of the accounts of missing participants can vary significantly.

In their joint letter, ERIC, PSCA and the U.S. Chamber said that provided the PBGC solution is voluntary, they believe there would be a high demand for it.

The program, they said, also should ensure fiduciaries of terminating plans that participate in the program that the funds will be handled appropriately; the account will be charged no more than reasonable fees; and the participant (once found) will be able to obtain an accounting of the manner in which their funds have been handled by the PBGC; and the fiduciaries will not face significant administrative burdens.

Also read: Orphaned 401(k) accounts stacking up