Focus on Follow-Up Actions
It’s important to diligently monitor your retirement plan for missing participants. Service providers often can help identify accounts that may need special attention, so employers should establish proper procedures and designate an individual or team to ensure necessary follow-up efforts are taken.
Consider the following questions. Do you:
- Have a formal procedure for identifying missing participants?
- Conduct a full plan review for missing participants at least annually?
- Review uncashed check reports from the trustee?
- Conduct address searches for returned checks?
- Document the steps that are taken annually to locate missing participants?