Unclaimed Retirement Rescue Plan

This bill, titled the "Unclaimed Retirement Rescue Plan," directs the Secretary of Labor to promulgate a regulation within 180 days of enactment. This regulation will enable administrators of pension plans and other responsible fiduciaries to voluntarily transfer unclaimed retirement distributions to State unclaimed property programs. These transfers will be managed through the States' Unclaimed Retirement Clearing House, which facilitates the national transfer of funds across state programs. An "unclaimed retirement distribution" is defined as a distribution not claimed within 90 days for terminating plans, or an unpaid obligation under $5,000 not claimed for 12 months for other plans. Before transferring distributions of $50 or more, plans must first attempt to identify the current address and contact information of the participant or beneficiary using informational databases and commercially reasonable outside sources. If contact information is found, a notice must be sent explaining the impending transfer to a State unclaimed property program and providing instructions on how to prevent it. Plans and fiduciaries that comply with these requirements are deemed to satisfy certain fiduciary duties under ERISA, providing them with legal relief. The Secretary of Labor will also establish a mechanism for plans to verify if transferred distributions have been claimed and will require periodic reporting of these transfers to be included in the Retirement Savings Lost and Found Database .