Retirement Savings Lost and Found Act of 2021

Summary

Retirement Savings Lost and Found Act of 2021 This bill establishes an online Retirement Savings Lost and Found (RSLF) to assist individuals in locating certain employer-sponsored retirement accounts. The RSLF must (1) provide plan participants or beneficiaries only with the ability to view contact information for the administrator of a plan that is sufficient to locate the plan, and (2) safeguard the privacy and security of participants' plan information. The bill sets forth additional reporting and notification requirements for retirement plans. The bill also revises provisions that permit mandatory distributions of the balances of small retirement accounts using a rollover into an Individual Retirement Account (IRA). The bill modifies the investment options available for the distributions and increases the maximum account balance that may be subject to such a distribution. A plan may transfer unclaimed mandatory distributions that are $1,000 or less to the RSLF, and the RSLF must pay the balance upon locating a plan participant or beneficiary.

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Timeline

1. 3 November 2021

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 3 November 2021

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 November 2021

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 3 November 2021 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 November 2021

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 3 November 2021

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 November 2021

  Open at official source

Sponsors

• Rep. Bonamici, Suzanne [D-OR-1] · D · Sponsor
• Rep. McBath, Lucy [D-GA-6] · D · Cosponsor
• Kathy Manning · D · Cosponsor
• · hsed00 · Standing
• · hswm00 · Standing

Related records

• related to → Retirement Savings Lost and Found Act of 2021