3.0.0 2474 2023-01-11T13:40:23Z 2023-01-11T13:40:23Z Senate S 2018-02-28 115 ssfi00 Finance Committee Senate Standing Referred to 2018-02-28T22:19:52Z Retirement Savings Lost and Found Act of 2018 115 6540 HR 2018-07-26 Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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. Related bill CRS 2018-02-28 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2018-02-28 Introduced in Senate IntroReferral 10000 9 Library of Congress W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. N D000618 Sen. Daines, Steve [R-MT] Steve Daines R MT 2018-02-28 True Labor and Employment Accounting and auditing Administrative law and regulatory procedures Department of Labor Department of the Treasury Employee benefits and pensions Executive agency funding and structure Financial services and investments Government information and archives Income tax deferral Internal Revenue Service (IRS) Pension Benefit Guaranty Corporation Public contracts and procurement Social Security Administration Labor and Employment 00 2018-02-28 Introduced in Senate 2018-10-12T18:16:00Z Retirement Savings Lost and Found Act of 2018

This bill requires the Department of the Treasury and the Social Security Administration (SSA) to create an online Retirement Savings Lost and Found (RSLF) 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 amends the Internal Revenue Code (IRC) to set forth additional reporting and notification requirements for retirement plans.

Treasury and the SSA 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 amends the Employee Retirement Income Security Act of 1974 (ERISA) and the IRC to revise 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 or to an IRA established by Treasury. The RSLF must invest funds received in Treasury securities and distribute the balance upon receiving an application from a plan participant or beneficiary.

]]> Retirement Savings Lost and Found Act of 2018 Display Title Retirement Savings Lost and Found Act of 2018 Official Title as Introduced A bill to increase portability of and access to retirement savings, and for other purposes. Introduced in Senate IS Short Titles as Introduced Retirement Savings Lost and Found Act of 2018 Introduced in Senate 2018-02-28T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s2474is/xml/BILLS-115s2474is.xml 2018-02-28 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.