New rules prescribe how pension plans must handle asset transfers for missing members

Plain-language summary · AI-assisted

Amendments not yet in force will add detailed procedures for federally regulated pension plans when a member or former member cannot be located and their pension assets must be transferred to a designated entity. Plans must identify and provide specific personal information about the missing person — and, if deceased, their survivor, beneficiary, or estate representative — when making such a transfer. The information package must include the person's name, contact details, date of birth, social insurance number, employment history, and plan registration details. The designated entity is authorized to publish a defined subset of that information to help locate the person. Retention periods for the transferred assets are set at 30 years for amounts under $1,000 and 100 years in all other cases. Pension plan administrators and their trustees or custodians should review their member-tracing and records-management practices to prepare for these requirements.

Who this affects
pension plan administrators · pension plan trustees and custodians · missing or unlocatable plan members and former members · survivors and beneficiaries of deceased plan members · estates of deceased plan members