Is the DOL’s New Lost and Found Database Worth It or Just a New 401k Plan Sponsor Chore?
Of Counsel Michelle Capezza was quoted by Fiduciary News in an article about the Department of Labor's new Retirement Savings Lost and Found Database.
She says, "The goal of the Retirement Savings Lost and Found Database is to have a centralized location where American workers that participated in private sector retirement plans governed by ERISA can locate lost or forgotten retirement benefits, especially if they were deemed missing participants, if they cannot be located, they moved and did not keep an address current with the plan administrator, they never rolled over a benefit when they left a former employer, or the company merged with another company and plan administrative contacts cannot be determined."
Source