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PSCA Executive Reports

January 31, 2018

PBGC Finalizes Expanded Missing Participants Program

The Pension Benefit Guaranty Corporation (“PBGC”) recently issued a final regulation expanding its missing participants program to cover a larger number of terminated retirement plans. 82 Fed. Reg. 60,800 (Dec. 22, 2017). The program, which previously covered only terminated single-employer defined benefit (“DB”) plans, now includes most terminated defined contribution (“DC”) plans, small professional service DB plans, and PBGC-insured multiemployer plans. In addition to vastly expanding the types of plans covered by the program, the regulation clarifies the steps a plan administrator must take to conduct a “diligent search” – which is generally a prerequisite to participation in the missing participants program – and simplifies the procedures for determining the proper sum to transfer to PBGC on behalf of a missing participant. 

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