The United States Department of Labor (DOL) takes the problem of missing pension plan participants very seriously.
As such, the regional offices of the Employee Benefits Security Administration (EBSA) have recently launched a program called the Terminated Vested Participants’ Project (TVPP), designed to audit and help manage the voluntary compliance efforts undertaken by plan fiduciaries.
On January 12, 2021, the EBSA issued its Compliance Assistance Release No. 2021-01. The goal of the memo was to inform Plan fiduciaries and others responsible for the administration of employee benefits that the EBSA is seeking their compliance in minimizing the number of missing Plan participants. The main objective of the EBSA in this process is to ensure that eligible employees (and their beneficiaries) receive their promised benefits.