The Department of Labor (DOL) has created an online system for qualified plan termination administrators to submit abandoned account information for benefits, including 401(k) plans.
The Employee Benefits Security Administration (EBSA) announced the new system to allows administrators meet requirements under its Abandoned Plan Program. That program, which started in 2006, allows distributions to participants and beneficiaries of retirement plans that have been abandoned by sponsoring companies.
The new system creates more efficiency in administering abandoned plan benefits, which have previously only done by email and paper.
