In 2017, the U.S. Department of Labor (DOL) launched its Terminated Vested Participants Project (TVPP). The TVPP aims to ensure that defined benefit pension plans: Maintain adequate records regarding plan participants. Have appropriate procedures for advising participants with vested accrued benefits of their eligibility to apply for benefits as they Read more
Join MarketSphere for an insightful session on August 14th at 1 pm CDT that explores the hidden risks and overlooked liabilities tied to unclaimed property and retirement plans — two areas that can have significant post-transaction consequences if not properly addressed. Click Here to Register!
Earlier this year, the Department of Labor (DOL) issued Field Assistance Bulletin No. 2025-1, establishing a temporary non-enforcement policy that permits plan fiduciaries to escheat small retirement benefit payments – $1,000 or less – to qualifying state unclaimed property funds. This provides a new option for certain ERISA-covered retirement benefits Read more
Many plan sponsors believe they are “covered” for lost participants, missing beneficiaries, and uncashed checks through their plan intermediaries. Join us to explore your responsibilities and fulfill your fiduciary duties to participants and beneficiaries. Click Here to Register!
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
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