Pacific Northwest Chapter Webinar - October 9

Chapter Event

Webinar: Terminated Vested Participant Project (TVPP)
October 9, 2024
10:30 am - 11:45 am Pacific

This presentation will provide an overview of the defined benefit pension plan procedures to ensure that terminated vested participants (TVPs) are reminded of their rights to benefits under the plan and that they receive those benefits upon eligibility. The presentation will include information on Terminated Vested Participant Project (TVPP) investigations, common red flags, and recommended best practices.

Take-aways:

• Plans must maintain adequate census and other records necessary to determine:
       a) the identity and address of participants and beneficiaries due benefits, 
       b) the amount of benefits due, and c) when participants and beneficiaries are eligible to commence benefits.
• Plans should have appropriate procedures for advising TVPs of their eligibility to apply for benefits as they near normal retirement age and the date they must start required RMDs.
• Plans should implement appropriate search procedures for terminated participants and beneficiaries for whom they have incorrect or incomplete information (a.k.a. “Missing Participants”).