Here is the situation: A plan trustee stole the entire plan's deferral money and ran away. He was later tracked down and forced to pay everything back. The court then made us, the TPA, trustee of the plan. There were 14 people that we have been trying to track down. We used the IRS and they located six of the 14 people we were trying to track down.
Here is the quesiont: What do we do about the remaining 8 or so non locatable ees? Our idea was to set up a Bank a/c in their name in which the money would escheat to the state after a certain number of years. Is this a possibility? A second possibility we came up with was to just leave the plan open, which we don't want to do. Is this a good option for us? Are there any other options out there for us to persue to take care of these employees?