No excuse not to find missing plan participants
The Labor Department has stepped up its audits of plans that have lost track of participants, and noted last month that in 2020 alone, investigators had helped reunite missing participants with plan benefits “with a present value in excess of $1.4 billion.”
It’s become evident in recent years that some employers are having a hard time keeping track of participants in their retirement plans who have exited the company, but still have money in the plan.
Workers change jobs frequently these days, and in many cases, those leaving have participated in
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