The Internal Revenue Service (IRS) has decided as a cost-savings measure to stop helping retirement plan operators locate people owed money. Since 1994, the IRS has provided a letter-forwarding service for individuals, companies and organizations trying to track down taxpayers who are owed money from pension funds and other sources.

The IRS announced that due to budget constraints, it would limit its letter-forwarding program to assist those seeking to convey a message for a humane purpose or those in an emergency situation. That means anyone looking for someone due a retirement check or other financial benefit will have to utilize a missing person locator service, many of which now are available online.

-Noel Brinkerhoff

To Learn More:

IRS Alters Letter-Forwarding Policy for Missing Taxpayers (by Michael Cohn, Accounting Today)

Contacting Missing Participants or Beneficiaries (Internal Revenue Service)