Consolidation Corner

The ABCs of Missing Participants

Posted by Thomas Hawkins on Aug 25, 2016 8:30:00 AM

 

 

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).  
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Topics: Missing Participants, Lost Participants, What is a Missing Participant?

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