In response to public concern, Labor stated it has narrowed the collection request from what was beforehand proposed. The data will assist Labor set up and preserve the entire database contemplated by part 523 of ERISA.
Labor is searching for “primary details about people of a sure age who could also be owed advantages underneath ERISA retirement plans.”
Particularly, EBSA states that it’s asking for the title and Social Safety variety of any participant who:
- separated from service;
- is owed a profit from the plan; and
- is 65 or older.
“The basic function of any job-based retirement plan is to pay promised advantages to the employees who take part in these plans and plan beneficiaries,” Lisa Gomez, assistant secretary for Worker Advantages Safety, stated in a press release.
“Our purpose, which we imagine plan sponsors and directors and their service suppliers share, is to be sure that employees and their beneficiaries obtain all of the retirement advantages they earned and have been promised via their working careers in order that they will look ahead to a safe and gratifying retirement,” Gomez stated.
The Retirement Financial savings Misplaced and Discovered database “will probably be one other software to assist plans perform this accountability.”
Credit score: Mike Scarcella/ALM
