IRS Still Drafting Rules on Missing Retirement Plan Participants

The IRS continues to work through rules that retirement plan sponsors can follow when they have missing participants.

The guidance will provide clarity on withholding and reporting in situations where a worker has left a job and may be owed a retirement benefit, but the plan sponsor doesn’t have contact information for them, said Lauson Green, special counsel in the Employee Benefits, Exempt Organizations, and Employment Taxes division in the IRS Office of Chief Counsel.

• The guidance will also cover search standards for locating the participants, Green said at a Federal Bar Association conference on May 30.