To keep pension plan liabilities accurate, get to know participants’ marital status

the SBA Team Thought Leadership

In recent months, sternly worded communications from the U.S. Department of Labor (DOL) have put pressure on plan administrators to improve their processes for locating lost pension plan participants. But what about finding surviving spouses?

Confirming marital status when a participant dies is an important part of a plan administrator’s responsibilities under the 1984 Retirement Equity Act, but it takes legwork and personalized attention. Here are some tactics we have used with great success…

This is an excerpt; read the full article in PLANSPONSOR.