Need to find lost retirement plan participants? Check your recordkeeper

Many participants would like an automated process by which they can update their addresses or consolidate accounts.

Finding lost plan participants isn't easy but it's important.

A study from Boston Research Technologies and Retirement Clearinghouse has found that a participant move has created a stale address record for one out of every five retirement plan accounts—just because the participant didn’t notify a former employer when relocating.

The study “The Mobile Workforce’s Missing Participant Problem” also finds that the frequency with which participants move contributes to the problem.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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