The Government Accountability Office is again calling on the Labor Department to issue new guidelines on employers' requirements for connecting former employees with their retirement accounts.
In a report issued last week, GAO acknowledged Labor's current investigations of the efforts employers are taking to connect so-called missing plan participants with their defined benefit and defined contribution accounts after they leave their employer.
Under the Employee Retirement Income Security Act, employer sponsors of retirement plans have a fiduciary obligation to manage plan assets in the best interest of their employees.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
