ERIC continues to seek changes in the missing participant audit process by requesting an end to closing letters that contain a fiduciary breach finding. After meeting with the Department of Labor (DOL), we believe that this is a critical first step for change as the DOL considers additional guidance in this area. Because a finding of fiduciary breach can have a detrimental impact on the company and the individuals who administer the plan, we believe it is unfair and unwarranted to issue these letters without additional guidance. To this end, our letter also continues to call for guidance pursuant to our recommendations made earlier this year and in 2018.
To view our recent letter in its entirety, click here.
If you have any questions about the letter or our advocacy, please do not hesitate to contact me.
Article by Aliya Robinson, Senior Vice President of Retirement Policy