The new platform simplifies the benefit distribution process for retirement plans abandoned by sponsoring companies.
The Department of Labor announced that the Employee Benefits Security Administration has introduced an online system to aid qualified termination administrators in submitting necessary information for the Abandoned Plan Program. Established in 2006, this program facilitates benefit distributions to participants and beneficiaries of individual account retirement plans that have been abandoned by their sponsoring companies. It provides streamlined procedures for terminating plans and distributing benefits.
“The online system now offers a user-friendly, one-stop platform that qualified termination administrators can use to submit information needed by our Abandoned Plan Program,” said Assistant Secretary for Employee Benefits Security Lisa Gomez. “This new tool will facilitate plan terminations and benefit distributions to the hard-working people owed these funds.”
Updates to the program will also allow certain bankruptcy trustees and their designees to serve as qualified termination administrators.
As the Lord Leads, Pray with Us…
- For Assistant Secretary Gomez as she oversees the implementation of the new online system.
- For Employee Benefits Security Administration officials as they seek to ensure individuals receive the support they need from the Abandoned Plan Program.
Sources: Department of Labor
