In this edition of Washington Insights, we explore how federal agencies are viewing the issue of tracking down missing plan participants and their expectations with regard to plan sponsor actions. We also examine the scope of the problem, in a look at proposed legislation to address missing participants. Lastly, we discuss retirement industry groups’ responses in marshaling current approaches and resources to broaden the conversation and seek solutions which are mutually acceptable to their members and the agencies.
The recently-introduced Commission on Retirement Security Act of 2018 (listed in the “Retirement reform” section below) would establish a federal commission to review private retirement benefit programs and report to Congress on how to improve private retirement security in the United States
The House Education and the Workforce’s Subcommittee on Health, Education, Labor and Pensions heard testimony on May 16 about four bipartisan bills that would simplify and modernize retirement plan access and administration.