COBRA notices may not be something employers spend a lot of time reviewing or worrying about. However, a recent increase in litigation involving COBRA notice deficiencies is good reason for employers to start taking a closer look at notices.
What may seem like a minor or technical deficiency can amount to a large penalty. The
Part 1 of this series summarized a plan’s duty to search for missing participants and discussed the current and possible future sources of law that create that duty. This Part 2 compares each agency’s current minimum search requirements as well as the proposed search requirements in the Retirement Savings Lost and Found Act of 2018,
In the past year, the Department of Labor (DOL) has drastically increased audits of retirement plans with participants – or beneficiaries – who cannot be located in conjunction with the distribution of owed benefits. The DOL has directed its attention to Form 5500 filings disclosing high numbers of terminated vested participants who are not receiving