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- What is a Missing Participant?
- Why Plan Sponsors Should be Concerned
- What Causes Missing Participants?
- The Magnitude of the Problem
- What Regulations Apply to Missing Participants?
- Sources of Uncertainty for Plan Sponsors
- Best Practices for Finding Missing Participants
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The Magnitude of the Missing Participant Problem
A March 2018 survey by Boston Research Technologies revealed that 11.3% of separated, defined contribution account records have a stale address. Based on the number of separated participants in defined contribution plans, this suggests that there are, at minimum, approximately 3 million missing participant accounts. This number continues to grow as participants change jobs and relocate, leaving their retirement savings behind.
Other key findings from the Missing Participant Survey:
- 1 of 5: Re-locations will result in a missing participant
- One-third: Participants learn of a retirement account with a previous employer they did not realize they had
- 60%: Participants who prefer an automated process to update address or consolidate accounts
- 23%: Would utilize a lost & found database to locate a stranded account
- 9%: Participants who would not verify their address if asked by a former employer
NEXT TOPIC: What Regulations Apply to Missing Participants?
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