IRS Issue Snapshot Highlights Plan Sponsor Responsibilities to Missing Participants and Beneficiaries
|The IRS recently published an Issue Snapshot (the ?Ç£Snapshot?Ç¥) on IRS.gov that revisits the steps a plan sponsor must complete in order to locate missing plan participants and beneficiaries. While the Snapshot does not contain any new guidance, its publication is an indication that ensuring plan sponsors are undertaking appropriate steps to locate missing participants and beneficiaries remains an area of focus for the IRS, including when they are conducting plan audits. Under current IRS guidance, plan sponsors should complete the following steps to attempt to locate missing plan participants and beneficiaries:
It is important to note that both the DOL and PBGC have issued their own guidance on the steps plan sponsors must complete when attempting to locate missing participants and beneficiaries, which is beyond the scope of the Snapshot.