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), managed by the Pension Benefit Guaranty Corporation (PBGC), to assist individuals in locating certain employer-sponsored retirement accounts. The RSLF must 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. The bill sets forth additional reporting and notification requirements for retirement plans. The PBGC must take precautions to (1) safeguard the privacy and security of participants' plan information, and (2) permit plan participants to opt out of inclusion in the RSLF. 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 must 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. 20 May 2021

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 20 May 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 20 May 2021 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 20 May 2021

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 20 May 2021

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 20 May 2021

  Open at official source

Sponsors

• Elizabeth Warren · D · Sponsor
• Steve Daines · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → Securing a Strong Retirement Act of 2022
• related to → Retirement Security and Savings Act of 2021
• related to ← Retirement Savings Lost and Found Act of 2021