Comprehensive Retirement Plan Compliance & Location Services for Sponsors and Administrators
Retirement plan sponsors and administrators are entrusted with more than $24.7 trillion in participant assets. As a result of this tremendous responsibility, plan sponsors are faced with a variety of fiduciary and operational challenges in order to comply with federal regulations, administrative guidance, and the requirements of their own plans.
One such operational challenge is the number of terminated, lost, or missing retirement plan participants. These individuals create a variety of fiduciary and cost concerns for plan sponsors and administrators of both defined benefit and defined contribution plans. In addition, companies finding themselves out of compliance with ERISA requirements may face fines, penalties, audits, and even criminal charges.
To address these concerns, Keane offers comprehensive missing participant location service as well as a lost participant communication program to ensure compliance and mitigate the risks associated with lost or missing plan participants. Keane’s services align with the Department of Labor’s Field Assistance Bulletin (FAB) 2014-01.
Keane actively partners with leading financial services companies, many of whom provide the investment vehicles within many retirement plans, to protect their shareholders, investors, and customers.
Keane’s Retirement Plan Services for Locating Missing and Lost Participants
Address Verification and Validation:
Keane’s systematic electronic search process identifies current mailing addresses for each missing plan participant and validates them through outbound mail campaigns.
Life Status Analysis:
Plan sponsors are often unaware that missing participants may in fact be deceased, requiring the assets to be distributed to the missing beneficiaries or next of kin. Through our proven analysis, deceased participants are identified and date of death captured for audit purposes.
Participant Location & Outreach:
Keane conducts multi-faceted outreach programs designed to elicit a response from your lost or missing participants, allowing them to affirm their current address and information. Participants will receive a letter, address update form and/or phone call urging them to confirm or update their current information with the plan sponsor or recordkeeper.
Advanced Beneficiary Location & Communication:
Through a combination of advanced data analysis and specialized research, Keane is able to locate the beneficiaries of deceased retirement plan participants in order to distribute the proceeds of the account or to ascertain additional information on a lost or missing participant. If a deceased participant did not provide a named beneficiary, our team of genealogical experts specializes in identifying and locating next of kin, heirs, and legal claimants to facilitate outreach and account resolution.
Plan Termination Assistance:
When terminating a defined benefit pension plan or defined contribution plan, plan sponsors and administrators must be mindful of 401k plan termination notice requirements, as well as mandates and guidelines from the IRS and Pension Benefit Guaranty Corporation.
Keane provides a comprehensive suite of services designed to help plan sponsors navigate the complex process of terminating their retirement plan. Keane performs all missing participant research and communication required by the Department of Labor and allows the plan sponsor to complete the distribution of funds.
For additional information on Keane’s retirement plan services for plan sponsors and administrators, please complete this brief form and one of our specialists will be in contact with you as soon as possible.