It’s not uncommon for participants to lose track of their 401k account. This is especially true for people who travel often, have had many different jobs, and/or assume someone is looking over their account for them. The DOL requires plan sponsors to maintain accounts for missing/lost participants and to take steps to ensure those accounts are protected.
Do you know for whom you are responsible as a plan sponsor? MVP can shed some light on that for you! Give us a ring, and we’ll take a look at your fiduciary responsibilities.
