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Retirement Savings Lost and Found Act of 2021

USA117th CongressS-1730| Senate 
| Updated: 5/20/2021
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (1)
Steve Daines (Republican)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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

Bill from Previous Congress

S 116-4192
Retirement Savings Lost and Found Act of 2020
May 20, 2021
Introduced in Senate
May 20, 2021
Read twice and referred to the Committee on Finance.
Nov 3, 2021

Latest Companion Bill Action

HR 117-5832
Introduced in House
  • Bill from Previous Congress

    S 116-4192
    Retirement Savings Lost and Found Act of 2020


  • May 20, 2021
    Introduced in Senate


  • May 20, 2021
    Read twice and referred to the Committee on Finance.


  • November 3, 2021

    Latest Companion Bill Action

    HR 117-5832
    Introduced in House

Labor and Employment

Related Bills

  • HR 117-5832: Retirement Savings Lost and Found Act of 2021
  • S 117-1770: Retirement Security and Savings Act of 2021
  • HR 117-2954: Securing a Strong Retirement Act of 2022
Administrative law and regulatory proceduresBankruptcyCorporate finance and managementDepartment of LaborEmployee benefits and pensionsExecutive agency funding and structureFraud offenses and financial crimesGovernment information and archivesIncome tax deferralPension Benefit Guaranty CorporationRight of privacy

Retirement Savings Lost and Found Act of 2021

USA117th CongressS-1730| Senate 
| Updated: 5/20/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 116-4192
Retirement Savings Lost and Found Act of 2020
May 20, 2021
Introduced in Senate
May 20, 2021
Read twice and referred to the Committee on Finance.
Nov 3, 2021

Latest Companion Bill Action

HR 117-5832
Introduced in House
  • Bill from Previous Congress

    S 116-4192
    Retirement Savings Lost and Found Act of 2020


  • May 20, 2021
    Introduced in Senate


  • May 20, 2021
    Read twice and referred to the Committee on Finance.


  • November 3, 2021

    Latest Companion Bill Action

    HR 117-5832
    Introduced in House
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (1)
Steve Daines (Republican)

Finance Committee

Labor and Employment

Related Bills

  • HR 117-5832: Retirement Savings Lost and Found Act of 2021
  • S 117-1770: Retirement Security and Savings Act of 2021
  • HR 117-2954: Securing a Strong Retirement Act of 2022
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresBankruptcyCorporate finance and managementDepartment of LaborEmployee benefits and pensionsExecutive agency funding and structureFraud offenses and financial crimesGovernment information and archivesIncome tax deferralPension Benefit Guaranty CorporationRight of privacy