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The issue of missing participants has become more urgent in the wake of news that MetLife “lost track” of some 13,500 participants. (Image: Shutterstock)The Department of Labor’s auditors are pushing harder on plan sponsors to make better efforts to find missing terminated vested participants in retirement plans. In return, there’s a call for more guidance on just how far sponsors have to go to do so.
According to a report in Pensions & Investments, the matter has become more urgent in the wake of MetLife’s experience. After the company had “lost track” of some 13,500 participants, the DOL entered the picture. The company’s earlier efforts to find those lost participants were deemed unacceptable, and then state and federal inquiries began.
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Marlene Y. Satter has worked in and written about the financial industry for decades.
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