Principals George Sepsakos and Kevin Walsh were quoted in the Law360 article “DOL Outlines What To Do When Retirement Savers Go Missing”, where they discussed new Department of Labor (“DOL”) missing participant guidance.
“It is good to see that DOL is finally providing guidance to the regulated community after seven years of investigations,” Walsh said. He later added, when discussing the DOL’s best practices list for locating plan participants, “At bottom, DOL misses the most cost-effective way to locate participants: place some of the burden on the participants who want to receive benefits to update their former employers about their current addresses.”
Regarding the DOL’s best practice list as a whole, Sepsakos explained that it “…enshrines many of the recommendations that the DOL made informally to plan managers during missing-participant investigations.”
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