Lost participants are unavoidable and present a fiduciary liability for plan sponsors. But even with the most conscientious record keeping, participants still go missing. Don’t let them fall through the cracks when finding them can be so simple with our participant location services.
There is no one-size-fits-all approach when it comes to updating participant data. This is why we offer three unique solutions:
Perfect for de-risking, Data Scan is our fastest solution that provides best-known addresses, dates of birth, phone numbers and names.
Data Cleanse takes a deeper dive into updating data, even when a quick turnaround is still necessary. Decedents are identified with CertiDeath®, invalid SSNs are corrected, and you get all the benefits of Data Scan.
When accuracy is important, CertiSearch is what you need. This comprehensive solution aligns with industry regulations and is recommended to use for locating missing participants, RMDs, PRTs, 401(k)s and uncashed checks.
| Data Scan | Data Cleanse | CertiSearch | |
|---|---|---|---|
| CertiDeath validated death audit | — | ✔ | ✔ |
| Attempts to find beneficiaries | — | — | ✔ |
| Attempts to correct invalid SSNs | — | ✔ | ✔ |
| Address updates | Unconfirmed Best Known | Unconfirmed Best Known (up to 3) | Confirmed & Attempted |
| Outbound mailings with customized letter | — | — | ✔ |
| Outbound phone calls | — | — | ✔ |
| Social media searches | — | — | ✔ |
| Participant confirmation by web, phone or mail | — | — | ✔ |
| Weekly updates with confirmed data | — | — | ✔ |
| Project end report | ✔ | ✔ | ✔ |
| Estimated timeline (based on project size) | 1 day | 2 to 3 days | 10 to 14 weeks |
We’re here to help you save time and keep your participant data updated.
