US Department of Labor announces enforcement relief on missing participant retirement benefits sent to state unclaimed property funds
New policy offers option for handling small payments when the owner cannot be located WASHINGTON – The U.S. Department of Labor’s Employee Benefits Security Administration today announced an enforcement relief policy to p rovide retirement plan fiduciaries with an option to help manage small benefit amounts owed to individuals who cannot be located. Under the policy, the department will not take action under the fiduciary duty provisions of the Employee Retirement Income Security Act against fiduciaries who transfer entire benefit payments owed to missing participants of $1,000 or less to state unclaimed property funds, if certain conditions are me t. “This policy gives fiduciaries an additional option for handling small outstanding retirement benefit payments owed to missing participants and beneficiaries,” said Assistant Secretary for Employee Benefits Security Lisa M. Gomez. “Our goal is to reunite participants and beneficiaries with their retirem...