Did You Know the Plan Sponsor is responsible for records of missing participants?
While the participants’ money is in the plan, the plan sponsor is responsible. Also, the decision to move the money out of the plan is the plan sponsor’s responsibility. Plan sponsors should make sure their decisions are based upon what is best for the participant and what is compliant with the plan document and DOL guidance.
It can seem like a lot to keep track of, so let MVP help! Contact us to gain better understanding of your responsibilities.