Confirmed Locator Service Assists New DOL Regulations on Retirement Systems
Following extensive reports on missing participants to retirement systems, the US Department of Labor (USDOL) has increased its audit regulations, thus increasing the sense of urgency on plan administrators to locate their former employees and/or employees’ beneficiaries. The missing participant process previously involved the IRS and the USPS, making it a very slow, and often unsuccessful process, leaving massive funds unclaimed and unpaid. This outdated process needs a facelift and we’ve stepped in to provide the industry’s next technology-based, eco-friendly solution.
Our newest solution – Confirmed Locator Service – will help you respond to these new DOL regulations. We’ve taken our industry-leading platform and revolutionized how we locate missing participants to ensure that we’ve exhausted every avenue before providing our customers with a Confirmed Locate letter, verifying that the customer has taken all “Reasonable Search Steps” to locate the retirement system participants and/or beneficiaries.
How Does Confirmed Locator Service Work to Locate Missing Participants and Beneficiaries?
So how does Confirmed Locator Service utilizing Confirmed Locate help you locate your missing participants? Great question!
Participants are adding to their digital footprints daily which we then use to locate those who are missing from your population. Using our Confirmed Locator Service, our proprietary service platform moves through the digital trails left by participants to establish contact for appropriate disbursement of funds.
The Confirmed Locate Letter and Reports are an integral part of Confirmed Locator Service, as the best results come from clean, clear and complete data. The first step of any Confirmed Locator Service project is a data quality check and demographics analysis complete with recommendations to ensure the data is ready. As we move through the phases of our Confirmed Locator Service, we’re consistently checking the quality of the returned data before providing our customers with a Confirmed Locate Letter and Reports on their population.
Use Confirmed Locator Service & Confirmed Locate to Respond to New DOL Requirement
You need a trusted partner when it comes to the new DOL regulatory compliance audits and LifeStatus360 is here to help with Confirmed Locator Service – our nextgen solution in response to these compliance audits. We use active and passive digital footprints to locate your missing participants and certify those results after passing the data through our innovative processes.
Fulfill the new USDOL, IRS and PBGC requirements, reconnect and communicate with your participants using Pinpoint360™.
Fast, easy and effective. Confirmed Locator Service. Clean data, current data, complete data.
Contact us via email at compliance@localhost or telephone at 888-LIFE-360 to learn more about Confirmed Locator Service and C3™.