‍Communicating with Missing Participants

Today we wanted to talk about best practices when communicating with Missing Participants.

In 2021, the Department of Labor introduced best practices concerning how to communicate with plan participants, especially those who might be considered "missing." Although they did not specify what constitutes a missing participant, they highlighted the need for persistent communication efforts by plan sponsors.

It's crucial to understand that even if someone is labeled as "missing," their rights within the plan remain the same. This means that plan sponsors should keep communicating with them using the most recent address on file. Each time a notice goes out, efforts should be made to find the most updated contact information for the missing individual. It's not a one-time search; this process needs continuous updating and refining to increase the chances of successful communication.

Never stopping the search and consistently documenting efforts not only shows commitment but also shields the plan sponsor from potential legal repercussions due to lapses in communication.

For more information on how to communicate with missing retirement plan participants, contact us today.

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