On January 14, 2025, the Department of Labor (DOL) issued new guidance (FAB), which provides, a temporarily measure, without penalty, whereby retirement plan fiduciaries may voluntarily transfer ERISA covered retirement benefit payments of $1,000 or less (including uncashed checks) owed to missing plan participants or beneficiaries to state unclaimed property Read more
MarketSphere’s Retirement Reunification team is looking forward to connecting with you at the 71st Annual Employee Benefits Conference in Honolulu, Hawaii at booth #108 from November 9 – 12, 2025. Challenge yourself to dig in, learn something new, and take your fund to the next level!
The Plan Sponsor Council of America will be hosting a National Conference from April 30 – May 2, 2025. MarketSphere’s Retirement Reunification team will be at booth 322 to share insights on how to identify and resolve challenges with unclaimed funds and reconnect plan participants and beneficiaries with their retirement accounts.
Death is a factor in triggering escheatment in many situations. For example, death is a trigger for Roth IRAs in most states. States are also increasingly adding provisions in their unclaimed property laws that utilize death as a dormancy trigger. For certain property types in some states, dormancy periods will Read more
Check out the latest article from contributing author Jon D’Amato posted to Forbes.com. In this installment, Jon highlights the fiduciary responsibilities for retirement plan sponsors to locate missing or nonresponsive plan participants and suggests ways to effectively assist in reunification efforts. Read more in this article: Reconnecting Retirement Plan Participants Read more
Whether a plan is protected under ERISA and is not likely to be subject to the unclaimed property laws of the states is a threshold question for unclaimed property compliance. However, regardless of whether unclaimed funds will be ultimately reported to the state as unclaimed property, searching for missing plan Read more
If your organization places a value on customer retention and would like to reduce your overall escheatment and due diligence expenses, now is the time to commence an outreach program to dormant account owners. There is still time to make contact with customers prior to the fall escheatment cycle, and Read more
Life insurance benefits can go unclaimed for several reasons, such as if the insurer loses contact with an insured, is not aware that an insured has died, or is unable to locate any beneficiaries. Both the insurance laws and the unclaimed property laws require the reporting and remitting of unclaimed Read more