Professionals who have fiduciary responsibility, such as pension plan trustees, plan administrators, and members of a plans’ investment committees, are required to locate next-of-kin, beneficiaries, or surviving spouses when plan participants or policyholders are reported as deceased.
Steps to Locate Plan or Missing Participants
Fiduciary professionals are required to conduct “diligent search” requirements as required by the Missing Participant Program of the Pension Benefit Guaranty Corporation and the Code of Federal Regulations (Title 29 §4050.4 – Diligent Search) to locate missing participants and beneficiaries. Methods commonly used are not very efficient and can take numerous attempts to locate missing people.
One commonly used method is to send certified letters to the last known address for that person. Given that the average American moves 12 times in their lifetime, it’s no wonder locating a missing relative by a mailing address is difficult and significantly adds to the administrative workload.
Other time-consuming and burdensome methods include contacting the missing person’s friends or relatives, the Department of Motor Vehicles, and the Social Security Administration so that letters provided to these departments are forwarded. Another expensive option is to use address location services, or hire private investigators.
A brilliant solution is readily available that makes finding missing beneficiaries very easy, efficient, and relatively inexpensive.
Use LifeStatus360 Life Audit Solutions to Locate Relatives of Your Plan Participants
LifeStatus360 offers an easy-to-use search service to do one-time searches or as we refer to them, adhoc reports by simply providing a social security number of the person you need to locate. We then provide the results in as little as a few minutes to a maximum of 24 hours that includes the full name and last known address of a missing relative.
To learn more about this service, sign up for a short, free, no-pressure webinar that demonstrates how easy it is to search for missing relatives, next-of-kin, or surviving spouses. You can also learn about other data services, such as finding dates of birth and death, phone numbers, addresses, social security number and verifying numbers, and death audit data.