Administration December 1, 2023

DOL Reminds Plan Sponsors, Participants to Search for Missed Retirement Assets

The Employee Benefits Security Administration released a video to remind plan sponsors about the importance of participants completing the Social Security Administration’s potential private retirement information notice.

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The Department of Labor’s Employee Benefits Administration has reminded plan sponsors to advise retirement plan participants to not leave on the table in retirement any assets they may have earned from past jobs.

EBSA posted a one-minute video to YouTube highlighting that employers likely have within their workforce retirement plan participants who have applied for Medicare or other Social Security benefits and may own forgotten retirement assets from other times in their working lives.  

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According to the video, when individuals apply for Medicare and other Social Security benefits, they may receive an important letter: the potential private retirement benefit information notice.

“Don’t put it aside, put it to work,” states the video’s voiceover and subtitles. “If any company you worked for provided retirement benefits—say a pension or 401(k)—those benefits were reported to the IRS and to Social Security. Maybe you already received them, but maybe not. Responding to this form enables you to find out and claim anything you may have coming.”

EBSA advised plan sponsors to inform plan participants to complete the form with reminders to:  

  • Read the form carefully;
  • Look up contact information for the plan administrator of the old assets and reach out to them;
  • Make sure personal information is up to date with the plan administrator; and
  • For questions or help, contact EBSA at EBSA. gov and click ‘Ask a Question’ or call a benefits adviser at (866) 444-EBSA.

EBSA also posted FAQs on the potential private retirement benefit information.

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