Search
 

DOL boosting “missing participant” retirement plan audits

The audits expand on a pilot project launched last year in Philadelphia and put more pressure on plan administrators to find former employees or their beneficiaries so that the benefits theyre owed can be distributed.

By Marlene Y. Satter | Updated on October 13, 2017
From October 2016 to August 2017, the Philadelphia DOL recovered more than $165 million in benefits that should have been paid to participants. (Image: Shutterstock)

The Department of Labor is increasing its audits of defined benefit pension plans with so-called “missing” participants, thereby pressuring plan administrators to find former employees—or their beneficiaries—so that the benefits they’re owed can be distributed to them.

The Society for Human Resource Management reports that, according to Norma Sharara, a principal in Mercer’s employment practices risk management group in Washington, D.C., this is something “completely new” that started in the DOL’s Philadelphia office as a pilot project last year and is now going national.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.