Bill > S1730

This bill, the Retirement Savings Lost and Found Act of 2021, aims to increase portability and access to retirement savings. The key provisions are: 1. It establishes the "Retirement Savings Lost and Found," an online searchable database managed by the Pension Benefit Guaranty Corporation, to help individuals locate their retirement plan administrators and recover any benefits owed to them. 2. It creates an Office of the Retirement Savings Lost and Found within the Pension Benefit Guaranty Corporation to maintain the database and perform annual audits of the plan information. 3. It requires plan administrators to transfer certain small retirement account balances of non-responsive participants to the Office, which will then attempt to locate and pay those participants. 4. It expands the mandatory transfer cap from $5,000 to $6,000 and allows plan administrators to transfer smaller amounts (under $1,000) to the Office if participants do not respond. 5. It enhances reporting requirements for mandatory transfers to improve transparency and facilitate tracking of such transfers. 6. It requires electronic filing for certain retirement plan-related returns and reports to improve efficiency. 7. It directs the Department of Labor to issue regulations clarifying the fiduciary duties of plan sponsors in locating and maintaining contact information for deferred vested participants.

Budget and Finance

https://www.congress.gov/bill/117th-congress/senate-bill/1730/all-info