Have you ever worried about former employees missing out on their retirement benefits? We have some exciting news that will help ensure everyone receives the retirement savings they’ve worked so hard to earn.
A New Way to Connect People with Their Benefits
The Department of Labor is launching a new online database to help people find their retirement benefits, even years after they’ve left a job. Think of it as a “lost and found” for retirement savings – a simple way to reconnect people with money they might not even know they have.
What This Means for You as an Employer
If you manage a retirement plan, you can now help make sure your former employees don’t miss out on their benefits. The DOL has made it easy to participate:
- Submit information through their new Intake Portal
- Update the database at least once a year
- Include details about vested participants who’ve reached age 65
Why This Matters
We all want our employees – past and present – to enjoy the retirement benefits they’ve earned. This database helps make that happen by:
- Making it easier for people to find their benefits
- Helping beneficiaries locate what they’re entitled to
- Ensuring retirement savings don’t get lost in the shuffle
The Best Part? It’s Safe and Simple
You might be wondering about security and liability. Here’s the good news:
- The DOL has built in strong security measures
- Following their submission guidelines protects you from liability
- You can use plan assets to cover the reasonable costs of participating
We're Here to Help
While participation is voluntary, it’s a wonderful way to help ensure your former employees receive their earned benefits. Think about it – wouldn’t you want someone to do the same for you?
Need help getting started? We’re here to walk you through the process and answer any questions you might have about participating in this important initiative.
Want to learn more about how to participate or need help submitting your information? Let’s talk about making this process smooth and simple for you.
