Confirmed Locator Service Assists New DOL Regulations on Retirement Systems

Following extensive reports on missing participants to retirement systems, the US Department of Labor (USDOL) has increased its audit regulations, thus increasing the sense of urgency on plan administrators to locate their former employees and/or employees’ beneficiaries. The missing participant process previously involved the IRS and the USPS, making it a very slow, and often unsuccessful process, leaving massive funds unclaimed and unpaid. This outdated process needs a facelift and we’ve stepped in to provide the industry’s next technology-based, eco-friendly solution.

Our newest solution – Confirmed Locator Service – will help you respond to these new DOL regulations. We’ve taken our industry-leading platform and revolutionized how we locate missing participants to ensure that we’ve exhausted every avenue before providing our customers with a Confirmed Locate letter, verifying that the customer has taken all “Reasonable Search Steps” to locate the retirement system participants and/or beneficiaries.