Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Retirement Services topic
No spam. Unsubscribe anytime.
County adds paid locator feature to retirement account services; Empower will charge $30/year per located account
Summary
Potter County approved an amendment allowing Empower Retirement to use a locator service for missing retirement participants; Empower will charge $30 per year per account located and will deduct the fee from those accounts when possible.
County staff presented an amendment to the retirement recordkeeping agreement with Empower Retirement to add a feature that helps locate missing participants. Staff said Empower will search for returned mail, uncashed checks and deceased participants for accounts over $200 and will employ locator tools including an address identification service and the Social Security Death Master File.
"They will charge $30 per year for each account that falls under this plan," staff said, noting that the fee is charged to the located accounts (accounts over $200) and will not be billed to the county. Staff reported about five accounts currently identified for follow-up and said Empower will attempt to locate beneficiaries or next of kin and recover funds to original owners where possible. The court approved the amendment unanimously.
