What is a Missing Participant?
- A missing participant is a qualified plan participant who cannot be located by the plan for the purposes of executing transactions (ex. - required minimum distributions, distribution checks, etc.) or for whom mailings are consistently returned due to an incorrect address.
- It’s estimated that anywhere from 3%-6% of qualified plan participants are consider "missing" and requiring location.Missing participants can cause administrative burdens, increased plan costs and elevated fiduciary risk (ex. - missed mailings and uncashed distribution checks).