Posts Tagged ‘retirement plan administration’

IRS Won’t Play Post Office Anymore for Missing Retirement Plan Participants

Are you trying to locate a missing participant from your retirement plan? Don’t expect any help from the IRS.

The agency today issued a revenue procedure saying it is discontinuing its practice of “letter forwarding” to missing retirement participants and the like. With the advent of alternative searching resources such as the Internet, the IRS said, there’s no longer a need for its service.

Apparently the IRS–which started this practice in 1994–just got tired of the whole thing.  From now on, it will forward requests only for what it considers “humane purposes.” Helping someone realize a financial benefit–like recovering money due them from a retirement plan–isn’t one of those.

If you’re looking for somone for a specified humane purpose, such as informing them of a relative’s illness, the IRS won’t charge you for a single request. But if you are trying to reach a mass audience–50 or more–it will charge you.

Read for yourself Rev. Proc. 2012-35.