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US Department of Labor announces enforcement relief on missing participant retirement benefits sent to state unclaimed property funds [ http://www.dol.gov/newsroom/releases/ebsa/ebsa20250114-0 ] 01/14/2025 07:00 AM EST
WASHINGTON – The U.S. Department of Labor’s Employee Benefits Security Administration today announced an enforcement relief policy to provide retirement plan fiduciaries with an option to help manage small benefit amounts owed to individuals who cannot be located.Under the policy, the department will not take action under the fiduciary duty provisions of the Employee Retirement Income Security Act against fiduciaries who transfer entire benefit payments owed to missing participants of $1,000 or less to state unclaimed property funds, if certain conditions are met.“This policy gives fiduciaries an additional option for handling small outstanding retirement benefit payments owed to missing participants and beneficiaries,” said Assistant Secretary for Employee Benefits Security Lisa M. Gomez. “Our goal is to reunite participants and beneficiaries with their retirement benefits and this new policy will support fiduciaries’ ability to choose this option when prudent and provide individuals with another option for finding benefits that may be owed to them.”To qualify for relief under this policy, fiduciaries must meet the conditions set forth in the policy, including:Meeting conditions designed to protect the interests of the missing individuals. Adopting best practices for locating missing participants and beneficiaries. Selecting state unclaimed property funds that meet the minimum standards outlined in the policy.To learn more about the new policy, read Field Assistance Bulletin 2025-01: “Missing Participants and Beneficiaries—Small Retirement Benefit Payments Transferred to State Unclaimed Property Funds From Ongoing Pension Plans.” Persons with questions may contact EBSA’s Office of Regulations and Interpretations at (202) 693-8500.  body { font-size: 1em; font-family: Arial, Verdana, sans-serif; font-weight: normal; font-style: normal; color: #333333; }
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