17 Dec 2024
I’ll Find You! The DOL’s New Retirement Savings Lost and Found Database
Seeking to reunite participants and beneficiaries with lost or forgotten retirement/death benefits, the U.S. Department of Labor (DOL) has launched its Retirement Savings Lost and Found Database, expected to become operational by December 29, 2024. Retirement plan sponsors and administrators can use the website after registering, to upload lost participant information. The DOL’s notice of information collection request describes the specific data elements the agency is seeking and how information can be submitted. 89 Fed. Reg. 91787 (Nov. 20, 2024); DOL News release.
Related Content
- Locating Missing Participants in Qualified Retirement Plans
Reference this practice note addressing the steps plan sponsors and fiduciaries must take to locate and notify missing participants in qualified defined contribution and qualified defined benefit retirement plans regarding benefits due to them under the plan. - Missing Participants Best Practices Checklist
Use this checklist when advising plan sponsors and plan fiduciaries what steps they can take to identify and locate missing participants in employee benefit plans. Consistent with their obligations of prudence and loyalty under the Employee Retirement Income Security Act (ERISA), plan fiduciaries must apply reasonable efforts in locating missing participants and beneficiaries who are due benefits under a plan.
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Featuring the latest updates from your Practical Guidance account.
- Employee Benefits & Executive Compensation Key Legal Developments Tracker (Current)
Stay informed on new developments.- ERISA Litigation. The U.S. Supreme Court has scheduled a January 2025 oral argument in an appeal from Cornell University employees and retirement plan participants who claim their retirement plan was mismanaged. Cunningham v. Cornell Univ., 2024 U.S. LEXIS 3061 (Oct. 4, 2024).
- Retirement Plans. The DOL launches the Retirement Savings Lost and Found Database, expected to become operational by December 29, 2024. 89 Fed. Reg. 91787 (Nov. 20, 2024); DOL News release.
- Health and Welfare Plans. The DOL issues Artificial Intelligence and Worker Well-Being: Principles and Best Practices for Developers and Employers (Oct. 16, 2024)
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