DOL encourages asset custodians and record-keepers to work t

[admin]

DOL encourages asset custodians and record-keepers to work together to wind up abandoned plans

06/03/2013 01:30 PM EDT


The U.S. Department of Labor’s Employee Benefits Security Administration today announced that it has approved a process for JP Morgan Chase Bank NA and ADP Inc. to terminate and wind up approximately 180 defined contribution pension plans abandoned due to corporate crises or neglect. This action, conducted through EBSA’s abandoned plan program, will give plan participants control over the fate of their retirement savings.

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