Washington, DC – The following statement should be attributed to Aliya Robinson, Senior Vice President of Retirement and Compensation at The ERISA Industry Committee (ERIC):
“ERIC is pleased that the Department of Labor has released much-needed guidance on missing participants. As plan sponsors who voluntarily offer retirement plans, our member companies share the agency’s goal of ensuring that every participant receives the benefits they have earned. ERIC has worked closely with the agency for several years to help clarify this situation and today’s guidance is a good first step.
The Compliance Assistance Release provides transparency in the DOL’s enforcement efforts and provides a national enforcement standard that employers can look to. While we remain concerned that best practices become de facto requirements, we appreciate the sharing of policies and operations that have been successful.
ERIC looks forward to continuing working with the agency on our shared goal of ensuring that all plan participants receive the benefits that they are due.”