Are You Complying with New DOL Requirements Regarding Missing Participants?

June 22, 2017

As unclaimed property amounts continue to rise and participants continue to go missing, the United States Department of Labor decided to investigate how – and if – benefits plans are doing their due diligence to locate their missing participants. This investigation was a joint effort between the Department of Labor and the Internal Revenue Service to ensure that all participants and beneficiaries are paid in a timely manner.

Following this joint investigation, new requirements and guidance have been passed to all fiduciaries, including retirement and pension fund administrators. As a result of these requirements, our customers have increased requests for several services that we offer, including our Life Audit Services, which allow you find all of the living participants or beneficiaries.

Use the Industry’s Best Confirmed Locate Services

Are you doing everything to comply with the new requirements from the Department of Labor and the IRS? These new requirements are designed to reduce the amount of unclaimed property caused by missing participants. While your organization may be performing fiduciary obligations accordingly, the new requirements reduce the amount of time to locate any missing participants.

At LifeStatus360, we provide our customers with the fastest, most reliable confirmed locate services. Our proprietary SaaS platform utilizes the largest group of commercial sources – LifeStatus Proprietary – and the largest obituary database – Obit360 – for obituary matching. Our Life Audit Services include:

  • Unclaimed Property Results
  • Confirmed Location Results
  • Mail Address Pro – Address Results
  • Phone Number Results
  • Relative Results
  • Email Results
  • Date of Birth Results
  • SSN Verification Results

Our advanced system allows you to customize your reports and how you receive your results. In some cases, our on-demand services are available within 15 minutes, though 24 hours is often our standard turnaround time. Additionally, we offer ongoing batch services with results that are available as quickly as daily, though we understand that certain industries require different time frames. Contact us to learn more about how our services can assist with the new USDOL and IRS requirements or request our free webinar to see our solutions in action!

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