H.R. 5832 · 117th Congress
Retirement Savings Lost and Found Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BonamiciSponsor2 cosponsors · 2 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill establishes an online Retirement Savings Lost and Found (RSLF) to assist individuals in locating certain employer-sponsored retirement accounts.
What it does: CRS summary · Introduced in House · Nov 3, 2021
Retirement Savings Lost and Found Act of 2021
This bill establishes an online Retirement Savings Lost and Found (RSLF) to assist individuals in locating certain employer-sponsored retirement accounts. The RSLF must (1) 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, and (2) safeguard the privacy and security of participants' plan information.
The bill sets forth additional reporting and notification requirements for retirement plans.
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 may 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Retirement Savings Lost and Found Act of 2021
Latest action (Nov 3, 2021): Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Labor and Employment · Origin: House · Introduced: Nov 3, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.