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Tracking down missing retirement plan participants is a pain point for plan sponsors since it can drain time and resources, particularly for small employers. However, it is the plan sponsor’s fiduciary duty to do so.
Yesterday, the Department of Labor’s Employee Benefits Security Administration offered some assistance for these plan sponsors with the announcement of an enforcement relief policy. The policy provides retirement plan fiduciaries with an option to help manage small benefit amounts owed to individuals who cannot be located.
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