Missing Participants in Defined Contribution Plans (Posted September 8, 2002) Technical Tip 80: The following question and answer were from the IRS Q&A Session at the 2000 ASPPA Annual Conference: Is the IRS or the DOL going to do anything about missing participants in DC plans? Response: This requires a statutory change (although the IRS did release a Revenue Ruling--2000-36--allowing the use of IRA rollovers as default method of distribution for amounts under $5,000). Comment by the RLR&C ERISA attorneys: While terminating defined benefit plans are required to deposit benefits of missing participants with the Pension Benefit Guaranty Corporation (PBGC), there is no similar requirement for defined contribution plans. Nor may defined contribution plans (whether terminating or not) voluntarily turn benefits of missing participants over to the PBGC. While a number of legislative proposals have been made over the years, none has been enacted--at least not yet. View all Tips © 2012 Reish Luftman Reicher & Cohen, a Professional Corporation Important notice: Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner's situation. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of your situation.