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Release Date: 09/30/2004
Release Number: 04-02
Contact Name: Gloria Della
Phone Number: 202.693.8664
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Washington, DC - The U.S. Department of Labor’s
Employee Benefits Security Administration today released Field Assistance
Bulletin (FAB) 2004-02, providing guidance on the responsibilities of
employee benefit plan fiduciaries in connection with missing participants
in terminated defined contribution plans governed by the Employee
Retirement Income Security Act (ERISA). |
Field
Assistance Bulletin 2004-02 provides guidance on the steps plan
fiduciaries should take to locate participants when defined contribution
plans are terminated and how to distribute the assets of missing
participants when fiduciaries’ efforts to locate them are unsuccessful. |
The
guidance provides the steps fiduciaries must take to locate missing
participants and beneficiaries, including checking related plan records
and using the IRS’ or Social Security Administration’s
letter-forwarding service. In cases where participants cannot be located,
or fail to elect a method of distribution, the FAB indicates that plan
fiduciaries can follow the new safe
harbor regulation governing automatic rollovers for guidance on
distributing benefits. |
The
FAB is part of the department’s ongoing compliance assistance program to
help employers, plan officials, service providers and others comply with
ERISA. Field assistance bulletins are available on the Internet at
www.dol.gov/ebsa. |
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U.S. Department of Labor
news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7765 or TTY 202.693.7755. |
