Missing Participant Program Final Rule

The PBGC has released its final rule governing its expanded Missing Participant program.

Document Excerpt

SUMMARY: The Pension Benefit Guaranty Corporation (PBGC) administers a program to hold retirement benefits for missing participants and beneficiaries in terminated retirement plans and to help those participants and beneficiaries find and receive the benefits being held for them. The existing program is limited to single-employer defined benefit pension plans covered by the pension insurance system under the Employee Retirement Income Security Act of 1974 (ERISA). With this final regulation, PBGC revises the existing program to simplify procedures and remove unnecessary rules and, as authorized by the Pension Protection Act of 2006,establishes similar programs for most defined contribution plans, multiemployer plans covered by the pension insurance system, and certain defined benefit plans that are not covered.

Link

https://s3.amazonaws.com/public-inspection.federalregister.gov/2017-27515.pdf?source=govdelivery&utm_medium=email&utm_source=govdelivery

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