New Guidance on Locating Missing Participants
ERISA 404(a) requires plan fiduciaries to
act prudently and solely in the interest of
plan participants and beneficiaries. While
DOL views the decision to terminate a
retirement plan as a “settlor” function
not regulated by ERISA, it maintains that
steps taken to implement this decision are
fiduciary activities, including steps taken
to locate missing participants and distribute
unresponsive participants’ account balances.
Thus, FAB 20