Bill > S4192

This bill, the Retirement Savings Lost and Found Act of 2020, aims to increase portability of and access to retirement savings. Key provisions include: - Establishing an online Retirement Savings Lost and Found mechanism to help individuals locate their retirement plan administrators and benefits. - Requiring plans to report more detailed information about participants who have had their benefits fully paid or distributed, to help maintain current plan information in the Lost and Found. - Providing coordination between the Lost and Found, plan requirements, and fiduciary duties to ensure plans are not penalized for being unable to locate missing participants. - Expanding the cap on mandatory retirement account transfers and allowing plans to transfer smaller amounts to the Lost and Found or an IRA on behalf of participants who cannot be located. - Creating an Office of the Retirement Savings Lost and Found to administer the program, audit plan information, and facilitate reuniting participants with their benefits.