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Fiduciary 'Safe Harbor' for Terminated Plans Requires Direct Rollover to IRA for Missing Non-Spouse Beneficiaries
Deloitte via BenefitsLink 
[Guidance Overview] Oct. 21, 2008
Excerpt: EBSA adopted its 2007 interim rule as final – requiring the fiduciary of a terminated individual account plan with benefits payable to a missing non-spouse beneficiary to transfer those benefits to an IRA in order to meet the fiduciary safe harbor. The original safe harbor required transfer to a non-IRA account. Fiduciaries who comply with the 'missing participant and beneficiary' safe harbor receive a significant advantage, in that they are deemed to satisfy their duties under ERISA § 404(a) with respect to the distribution of benefits, the selection of a transferee entity, and the investment of the funds in connection with the transfer. 73 FR 58459 (October 7, 2008).
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