For many pension plans, annual proof-of-life campaigns are more important than ever under SECURE 2.0. While recovering overpayments has become less burdensome, the financial risk of undetected overpayments remains significant. In today’s environment of increasing cyber fraud and identity theft, establishing a regular process to verify retiree status is a Read more
With the end of the calendar year rapidly approaching, retirement plan sponsors with calendar plan years must prepare for important annual tasks. The upcoming timeline includes: December 31: the plan year wraps up. The year-end Benefits Committee meeting: the Committee carries out its fiduciary responsibilities by reviewing plan amendments, activities, Read more
Death‑related dormancy triggers have re‑emerged as one of the most significant developments in unclaimed property compliance. States increasingly view deceased‑owner accounts as a category where traditional inactivity rules fail to surface property in a timely manner. States see this as a “clean‑up” opportunity because property registered to deceased owners may Read more
Terminating a 401(k) plan affects current and former employees, who are understandably concerned about the stability of their retirement funds. It also affects the employer sponsoring the plan, as terminating a plan presents significant challenges. The decision should not be taken lightly, but a plan termination may be prudent or Read more
When employees quit a job, move to another company or are laid off, they often leave behind a 401(k) or pension account. If they subscribe to the prevalent view that retirement funds should be invested and then left alone until retirement age, they may intentionally ignore the account until they Read more
H.R 5325, a bipartisan bill also known as the Unclaimed Retirement Rescue Plan, was introduced on September 11, 2025, and would direct the Department of Labor (“DOL”) to promulgate a regulation allowing pension plans and other fiduciaries to voluntarily transfer certain unclaimed retirement distributions valued up to $5,000 to state Read more