Partner Jonathan Zimmerman spoke with PlanSponsor for an article about use of retirement tiers to keep retired participants’ assets in-plan. Pointing to a years-long focus by the US Department of Labor on missing participants, Jonathan said when designing these tiers, plan sponsors should take steps to stay in touch with retirees and ensure they remain engaged with the plan.
“If you are offering additional products and changing the plan to offer those products, you’d have the same obligation to communicate those changes to former employees,” Jonathan said.