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.