The DOL estimates that tens of thousands of participants lose track of an estimated $850 million in 401(k), 403(b), 457 and other defined contribution assets each year. (Photo: Shutterstock)
The Department of Labor is asking Congress for $5 million and 22 full-time employees in its 2024 budget to establish a dedicated program to ensure that missing retirement plan participants receive their benefits. The budget request outlines investigative efforts to be led by the Employee Benefits Security Administration (EBSA) aimed at improving economic equity and allowing the agency to focus on vulnerable missing participants.
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