ERIC Submits Comments on PBGC Missing Participants Rule

Today, The ERISA Industry Committee (ERIC) submitted comments in response to the Pension Benefit Guaranty Corporation’s (PBGC) proposed rule regarding missing participants under ERISA Section 4050. ERIC has a strong interest in proposals, such as the proposed rule, that would affect its members’ ability to provide secure pension benefits in a cost-effective manner.

The following is a high-level summary of ERIC’s comments:

  • Support expansion of the program to all defined contribution plans and not limited to only terminated defined contribution plans;
  • Increase the fee waiver threshold from $250 to $1000, or lower the $35 fee for balances between $251-$1000 to encourage utilization of the program;
  • Maintain the voluntariness of the program; and
  • Encourage exploration of electronic roll overs to qualified individual participant accounts.

You can read ERIC’s comments here.