DOL Guides Fiduciaries On Missing Plan Participants

Missing participants have long plagued any plan administrator closing down a defined contribution plan. On September 30, 2004, the United States Department of Labor (DOL) issued new guidance in the form of a Field Assistance Bulletin directed to DOL’s enforcement staff on the obligations of plan fiduciaries to handle the account balances of missing plan participants when terminating a defined contribution plan. Field Assistance Bulletin 2004-02 (the “Bulletin”) supplements the DOL’s previous guidance on defined contribution plans. Although the Bulletin focuses on terminating plans, much of the guidance offered by the DOL would apply equally to ongoing plans and gives plan fiduciaries much needed direction on lost participants.