NAPA Net - Polling Places 080318

What Have You Found Out About Missing Participants?

One of the hottest topics among plan sponsors these days seems to be the issue of missing participants – more specifically, how far do you need to go?

The IRS, Labor Department and PBGC have been closely monitoring how employers are dealing with missing participants and increasing their enforcement activity, and the DOL’s Field Assistance Bulletin (FAB) 2014-01, which is the agency’s primary guidance on procedures for dealing with missing participants, only addresses terminating DC plans, leaving sponsors unsure of whether the guidance applies to ongoing plans. Similarly, the PBGC recently expanded its missing participants program, but it only applied to terminated 401(k) plans, multiemployer pension plans and small professional service DB plans with 25 or fewer participants. More recently, the Government Accountability Office (GAO) has called on regulators to provide clarity on the issue. And bipartisan legislation HAS been introduceddealing with the subject.

Question Title

* 1. Are your plan sponsor clients concerned about the issue of missing participants?

Some, yes - but not all.

No, not at all.

Yes!

Far as I know, they haven't had any issues.

Somewhat, but it's not a big issue.

Most yes, but not all.

Other (please specify)

Question Title

* 2. What method(s) have your plan sponsor clients used thus far (check all that apply)?

Certified Mail.

Checked Related Plan and Employer Records.

Check With Designated Plan Beneficiary.

Use Free Electronic Search Tools.

Not sure what they have used.

Other (please specify)

Question Title

* 3. Have they asked for your help for suggestions in finding those missing participants?

Yes.

Not yet.

Some have.

Other (please specify)

Question Title

* 4. What's been your most successful method of assisting plan sponsors in locating missing participants?

Certified Mail.

Checked Related Plan and Employer Records.

Check With Designated Plan Beneficiary.

Use Free Electronic Search Tools.

They haven't asked.

Other (please specify)

Question Title

* 5. Other comments about missing participants, trying to find missing participants, being unable to find missing participants, keeping up with participants, worrying about not being able to keep up with missing participants, the need for clarity on just how far to go in keeping up with missing participants, , or life in general?

Question Title

* 6. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

Question Title

* 7. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

Question Title

* 8. Suggestions for future survey questions?

Question Title

* 9. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...