Guidance Issued for Locating Missing Participants in Terminated Defined Contribution Plans

The Employment Retirement Income Security Act requires plan fiduciaries to make reasonable efforts to locate missing participants or beneficiaries so that they may direct the distribution of their plan accounts. As a result, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) recently published Field Assistance Bulletin No. 2014-01, which lays out the steps fiduciaries of a defined contribution plan must take to locate missing participants before making distributions following a plan termination.

HR / Labor Relations

Dealing with workforce issues such as complex state and federal employment regulations, labor relations, wage negotiations, affirmative action policies and employment discrimination is often the biggest headache for a company. MBI employs two labor relations specialists who provide members with a full range of services to assist them in dealing with workforce issues, including the following:

  • Collective Bargaining - MBI assists in preparation for and execution of the collective bargaining process for its signatory collective bargaining members.
  • Union Relations - As well as negotiating contracts, MBI's staff coordinates and interprets labor agreements, monitors Taft Hartley fringe benefits funds, provides arbitration services, and assists member companies in dealing with grievances and other disputes and the unions. MBI can also offer assistance with picketing and other organized labor activities.
  • Open Shop - MBI's staff provides a full range of services for members employing open shop labor, including providing advice and counsel on prevailing wage / Davis-Bacon Act issues, union organizing, salting, negotiations, affirmative action issues, equal employment opportunity and discrimination issues, grievances and disputes and employment policy. MBI also sponsors alcohol and drug abuse testing programs, and closely monitors both state and local legislative, regulatory and litigious activity to ensure the interests of the construction industry are not compromised.

 

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Leon Shearer

Labor Counsel
(515) 480-3334

Scott Norvell

President / CEO
(515) 657-4381