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Missing Participant Guidance

The ERISA Industry Committee (ERIC) delivered a comment letter to the Secretary of Labor, urging the DOL to provide more guidance concerning the issue of missing participants for employers. Until such guidance is provided, ERIC is requesting that the DOL cease the practice of issuing letters acio0cusing employers of breaching fiduciary duties related to their methods used to locate missing participants. Furthermore, employers are subject to audits of these methods, without adequate advice from the DOL as to what processes should be employed to locate missing participants.

www.planadviser.com; July 27, 2018.