I 

116TH CONGRESS 

2D SESSION H. R. 7439 

To establish the Retirement Savings Lost and Found, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 1, 2020 

Ms. BONAMICI (for herself and Mr. BANKS) introduced the following bill; 

which was 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 

A BILL 

To establish the Retirement Savings Lost and Found, and 

for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Retirement Savings 

5 Lost and Found Act’’. 

6 SEC. 2. RETIREMENT SAVINGS LOST AND FOUND. 

7 (a) RETIREMENT SAVINGS LOST AND FOUND.— 

8 (1) ESTABLISHMENT.— 


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1 (A) IN GENERAL.—Not later than 2 years 

2 after the date of the enactment of this Act, the 

3 Commissioner of Social Security and the Sec4 retary of the Treasury in cooperation shall es5 tablish an online mechanism to be known as the 

6 ‘‘Retirement Savings Lost and Found’’, to be 

7 managed by the Director of the Retirement 

8 Savings Lost and Found established under sub9 section (c) of this section— 

10 (i) to allow an individual to search for 

11 information that enables the individual to 

12 locate the plan administrator of any plans 

13 with respect to which the individual is a 

14 participant or beneficiary, and to provide 

15 contact information for the plan adminis16 trator of any plan described in subpara17 graph (B) with respect to which the indi18 vidual may be entitled to a benefit; 

19 (ii) to allow such Director to assist 

20 such an individual in locating any plan of 

21 the individual; and 

22 (iii) to allow such Director to make 

23 any necessary changes to contact informa24 tion on record for the plan administrator 

25 based on any changes to the plan due to 


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1 merger or consolidation of the plan with 

2 any other plan, division of the plan into 

3 two or more plans, bankruptcy, termi4 nation, change in name of the plan, change 

5 in name or address of the plan adminis6 trator, or other causes. 

7 The Retirement Savings Lost and Found estab8 lished under this paragraph shall contain the 

9 information obtained by the Commissioner of 

10 Social Security regarding deferred vested bene11 fits under section 6057 of the Internal Revenue 

12 Code of 1986 (including information so ob13 tained before the date of the enactment of this 

14 Act). Such information shall be retained in the 

15 Retirement Savings Lost and Found in per16 petuity. 

17 (B) PLANS DESCRIBED.—A plan described 

18 in this subparagraph is a plan to which the 

19 vesting standards of section 203 of part 2 of 

20 subtitle B of title I of the Employee Retirement 

21 Income Security Act of 1974 apply. 

22 (2) ADMINISTRATION.—The Retirement Sav23 ings Lost and Found established under paragraph 

24 (1) shall provide individuals described in paragraph 

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1 tion for the plan administrator of any plan with re2 spect to which the individual is a participant or ben3 eficiary, sufficient to allow the individual to locate 

4 the individual’s plan. 

5 (3) CURRENT INFORMATION.— 

6 (A) IN GENERAL.—Paragraph (2) of sec7 tion 6057(a) of the Internal Revenue Code of 

8 1986 is amended— 

9 (i) in subparagraph (C)— 

10 (I) by striking ‘‘during such plan 

11 year’’ in clause (i) and inserting ‘‘dur12 ing the plan year immediately pre13 ceding such plan year’’; 

14 (II) by adding ‘‘and’’ at the end 

15 of clause (i); and 

16 (III) by striking clause (iii); 

17 (ii) by redesignating subparagraph 

18 (E) as subparagraph (G); 

19 (iii) by striking ‘‘and’’ at the end of 

20 subparagraph (D); and 

21 (iv) by inserting after subparagraph 

22 (D) the following new subparagraphs: 

23 ‘‘(E) the name and taxpayer identifying 

24 number of each participant or former partici25 pant in the plan— 


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1 ‘‘(i) who, during any previous plan 

2 year, was reported under subparagraph 

3 (C), and with respect to whom the benefits 

4 described in subparagraph (C)(ii) were 

5 fully paid during the plan year, 

6 ‘‘(ii) with respect to whom any 

7 amount was distributed under section 

8 401(a)(31)(B) during the plan year, or 

9 ‘‘(iii) with respect to whom a deferred 

10 annuity contract was distributed during 

11 the plan year, 

12 ‘‘(F) in the case of a participant or former 

13 participant to whom subparagraph (E) ap14 plies— 

15 ‘‘(i) in the case of a participant de16 scribed in clause (ii) thereof, the name and 

17 address of the designated trustee or issuer 

18 described in section 401(a)(31)(B)(i) and 

19 the account number of the individual re20 tirement plan to which the amount was 

21 distributed, and 

22 ‘‘(ii) in the case of a participant de23 scribed in clause (iii) thereof, the name 

24 and address of the issuer of such annuity 


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1 contract and the contract or certificate 

2 number, and’’. 

3 (B) RULES RELATING TO DIRECT TRUST4 EE-TO-TRUSTEE TRANSFERS.— 

5 (i) IN GENERAL.—Paragraph (6) of 

6 section 402(e) of such Code is amended— 

7 (I) by striking ‘‘TRANSFERS.— 

8 Any’’ and inserting ‘‘TRANSFERS.— 

9 ‘‘(A) IN GENERAL.—Any’’; and 

10 (II) by adding at the end the fol11 lowing new subparagraph: 

12 ‘‘(B) NOTIFICATION OF TRUSTEE.—In the 

13 case of a distribution under section 

14 401(a)(31)(B), the plan administrator shall no15 tify the designated trustee or issuer described 

16 in clause (i) thereof that the transfer is a man17 datory distribution required by such section.’’. 

18 (ii) PENALTY.—Subsection (i) of sec19 tion 6652 of such Code is amended— 

20 (I) by striking ‘‘TO RECIPIENTS’’ 

21 in the heading and inserting ‘‘OR NO22 TIFICATION’’; 

23 (II) by striking ‘‘402(f),’’ and in24 serting ‘‘402(f) or a notification as re25 quired by section 402(e)(6)(B),’’; and 


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1 (III) by striking ‘‘such written 

2 explanation’’ and inserting ‘‘such writ3 ten explanation or notification’’. 

4 (iii) REPORTS.—Subsection (i) of sec5 tion 408 of such Code is amended— 

6 (I) by redesignating subpara7 graphs (A) and (B) of paragraph (2) 

8 as clauses (i) and (ii), respectively, 

9 and by moving such clauses 2 ems to 

10 the right; 

11 (II) by redesignating paragraphs 

12 (1) and (2) as subparagraphs (A) and 

13 (B), respectively, and by moving such 

14 subparagraphs 2 ems to the right; 

15 (III) by striking ‘‘as the Sec16 retary prescribes’’ in subparagraph 

17 (B)(ii), as so redesignated, and all 

18 that follows through ‘‘a simple retire19 ment account’’ and inserting ‘‘as the 

20 Secretary prescribes. 

21 ‘‘(3) SIMPLE RETIREMENT ACCOUNTS.—In the 

22 case of a simple retirement account’’; 

23 (IV) by striking ‘‘REPORTS.— 

24 The trustee of’’ and inserting ‘‘RE25 PORTS.— 


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1 ‘‘(1) IN GENERAL.—The trustee of’’; 

2 (V) by striking ‘‘under paragraph 

3 (2)’’ in paragraph (3), as redesignated 

4 by clause (iii), and inserting ‘‘under 

5 paragraph (1)(B)’’; and 

6 (VI) by inserting after paragraph 

7 (1)(B)(ii), as redesignated by the pre8 ceding clauses, the following new 

9 paragraph: 

10 ‘‘(2) MANDATORY DISTRIBUTIONS.—In the case 

11 of an account, contract, or annuity to which a trans12 fer under section 401(a)(31)(B) is made (including 

13 a transfer from the individual retirement plan to 

14 which the original transfer under such section was 

15 made to another individual retirement plan), the re16 port required by this subsection for the year of the 

17 transfer shall— 

18 ‘‘(A) identify such transfer as a mandatory 

19 distribution required by such section, 

20 ‘‘(B) include the name, address, and tax21 payer identifying number of the trustee or 

22 issuer of the individual retirement plan to which 

23 the amount is transferred, and 

24 ‘‘(C) be filed with the Director of the Re25 tirement Savings Lost and Found established 


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1 under section 2(a)(1) of the Retirement Savings 

2 Lost and Found Act as well as with the Sec3 retary.’’. 

4 (C) NOTIFICATION OF PARTICIPANTS UPON

5 SEPARATION.—Subsection (e) of section 6057 

6 of such Code is amended by inserting ‘‘, and a 

7 notice of the availability of the Retirement Sav8 ings Lost and Found established under section 

9 2(a)(1) of the Retirement Savings Lost and 

10 Found Act’’ before the period at the end of the 

11 second sentence. 

12 (D) EFFECTIVE DATE.—The amendments 

13 made by this paragraph shall apply to distribu14 tions made in, and returns and reports relating 

15 to, years beginning after the second December 

16 31 occurring after the date of the enactment of 

17 this Act. 

18 (4) COORDINATION WITH DISTRIBUTION RE19 QUIREMENTS, FIDUCIARY DUTIES, ETC.— 

20 (A) AMENDMENT OF INTERNAL REVENUE

21 CODE OF 1986.—Paragraph (9) of section 

22 401(a) of the Internal Revenue Code of 1986, 

23 as amended by the preceding provisions of this 

24 Act, is further amended by adding at the end 

25 the following new subparagraph: 


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1 ‘‘(K) COORDINATION WITH RETIREMENT

2 SAVINGS LOST AND FOUND.— 

3 ‘‘(i) IN GENERAL.—With respect to 

4 any lost or missing participant of a plan, 

5 the plan shall not be treated as failing to 

6 satisfy the requirements of this paragraph 

7 or any other requirement of this title which 

8 cannot be satisfied due to the plan’s inabil9 ity to locate the participant. 

10 ‘‘(ii) LOST OR MISSING PARTICI11 PANT.—For purposes of subclause (i), the 

12 term ‘lost or missing participant’ shall be 

13 defined in guidance to be issued jointly by 

14 the Internal Revenue Service, Department 

15 of the Treasury, the Employee Benefits 

16 Security Administration, Department of 

17 Labor, and the Pension Benefit Guaranty 

18 Corporation. Such guidance shall be so 

19 issued not later than 1 year after the date 

20 of the enactment of this subparagraph.’’. 

21 (B) AMENDMENT OF EMPLOYEE RETIRE22 MENT INCOME SECURITY ACT OF 1974.— 

23 (i) IN GENERAL.—Section 404 of the 

24 Employee Retirement Income Security Act 

25 of 1974 (29 U.S.C. 1104) is amended by 


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1 adding at the end the following new sub2 section: 

3 ‘‘(e) COORDINATION WITH RETIREMENT SAVINGS

4 LOST AND FOUND.— 

5 ‘‘(1) IN GENERAL.—With respect to any lost or 

6 missing participant of a plan, a fiduciary of the plan 

7 shall not be treated as failing to satisfy any require8 ment to search for or attempt to locate, or to pro9 vide any document or information to, such indi10 vidual, or any other requirement of this title which 

11 cannot be satisfied due to the plan’s inability to lo12 cate the participant. 

13 ‘‘(2) LOST OR MISSING PARTICIPANT.—For 

14 purposes of paragraph (1), the term ‘lost or missing 

15 participant’ shall be defined in guidance to be issued 

16 jointly by the Internal Revenue Service, Department 

17 of the Treasury, the Employee Benefits Security Ad18 ministration, Department of Labor, and the Pension 

19 Benefit Guaranty Corporation. Such guidance shall 

20 be so issued not later than 1 year after the date of 

21 the enactment of this subsection.’’. 

22 (ii) CONFORMING AMENDMENTS.— 

23 Section 4050(a)(1) of the Employee Re24 tirement Income Security Act of 1974 (29 


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1 U.S.C. 1350(a)(1)) is amended in subpara2 graph (B)— 

3 (I) by striking ‘‘provides’’ and in4 serting ‘‘either— 

5 ‘‘(i) provides’’; 

6 (II) by striking the period at the 

7 end and inserting ‘‘; or’’; and 

8 (III) by adding at the end the 

9 following new clause: 

10 ‘‘(ii) satisfies the requirements of sec11 tion 6057(a) of the Internal Revenue Code 

12 of 1986.’’. 

13 (5) REQUIREMENT OF ELECTRONIC FILING.— 

14 (A) IN GENERAL.—Paragraph (2) of sec15 tion 6011(e) of the Internal Revenue Code of 

16 1986 is amended— 

17 (i) by redesignating subparagraphs 

18 (A) and (B) as clauses (i) and (ii), respec19 tively, and by moving such clauses 2 ems 

20 to the right; 

21 (ii) by striking ‘‘REGULATIONS.—In 

22 prescribing’’ and inserting ‘‘REGULA23 TIONS.— 

24 ‘‘(A) IN GENERAL.—In prescribing’’; and 


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1 (iii) by adding at the end the fol2 lowing new subparagraph: 

3 ‘‘(C) EXCEPTIONS.—Notwithstanding sub4 paragraph (A), the Secretary shall require re5 turns or reports required under— 

6 ‘‘(i) sections 6057, 6058, and 6059, 

7 and 

8 ‘‘(ii) sections 408(i), 6041, and 6047 

9 to the extent such return or report relates 

10 to the tax treatment of a distribution from 

11 a plan, account, contract, or annuity, 

12 to be filed on magnetic media, but only with re13 spect to persons who are required to file at 

14 least 50 returns during the calendar year which 

15 includes the first day of the plan year to which 

16 such returns or reports relate.’’. 

17 (B) EFFECTIVE DATE.—The amendments 

18 made by this paragraph shall apply to returns 

19 and reports relating to years beginning after 

20 the second December 31 occurring after the 

21 date of the enactment of this Act. 

22 (6) SAFEGUARDING PARTICIPANT PRIVACY AND

23 SECURITY.—In establishing the Retirement Savings 

24 Lost and Found under paragraph (1), the Commis25 sioner of Social Security and the Secretary of the 


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1 Treasury shall take all necessary and proper pre2 cautions, including consulting with the Secretary of 

3 Health and Human Services, to ensure that individ4 uals’ plan information maintained by the Retirement 

5 Savings Lost and Found is protected and that per6 sons other than the individual cannot fraudulently 

7 claim the benefits to which any individual is entitled, 

8 and to allow any individual to opt out of inclusion 

9 in the Lost and Found at the election of the indi10 vidual. 

11 (7) CONFORMING AMENDMENT.—Subparagraph 

12 (B) of section 6103(l)(1) of the Internal Revenue 

13 Code of 1986 is amended by striking ‘‘responsibility 

14 under section 1131 of the Social Security Act’’ and 

15 inserting ‘‘responsibilities under section 1131 of the 

16 Social Security Act and section 2(a)(1)(A) of the 

17 Retirement Savings Lost and Found Act’’. 

18 (8) AUTHORIZATION OF APPROPRIATIONS.— 

19 There are authorized to be appropriated such sums 

20 as may be necessary to carry out the purposes of 

21 this subsection. 

22 (b) MANDATORY TRANSFERS OF ROLLOVER DIS23 TRIBUTIONS.— 

24 (1) INVESTMENT OPTIONS.— 


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1 (A) IN GENERAL.—Subparagraph (B) of 

2 section 404(c)(3) of the Employee Retirement 

3 Income Security Act of 1974 (29 U.S.C. 

4 1104(c)(3)) is amended by striking the period 

5 at the end and inserting ‘‘, and, to the extent 

6 the Secretary provides in guidance or regula7 tions issued after the enactment of this Act, is 

8 made to— 

9 ‘‘(i) a target date or life cycle fund 

10 held under such account; 

11 ‘‘(ii) as described in section 

12 2550.404a–2 of title 29, Code of Federal 

13 Regulations, an investment product held 

14 under such account designed to preserve 

15 principal and provide a reasonable rate of 

16 return; 

17 ‘‘(iii) the Director of the Retirement 

18 Savings Lost and Found in accordance 

19 with section 2(c)(2)(A)(ii) of the Retire20 ment Savings Lost and Found Act or an 

21 individual retirement account (as defined 

22 in section 408(a) of the Internal Revenue 

23 Code of 1986) established by the Secretary 

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1 ble reporting requirements are met with re2 spect to such transfer; or 

3 ‘‘(iv) such other option as the Sec4 retary may so provide.’’. 

5 (B) REGULATIONS.—Not later than 270 

6 days after the date of the enactment of this 

7 Act, the Secretary of Labor shall promulgate 

8 regulations identifying the target date or life 

9 cycle funds, or specifying the characteristics of 

10 such a fund, that will be deemed to meet the re11 quirements of section 404(c)(3)(B)(i) of the 

12 Employee Retirement Income Security Act of 

13 1974 (29 U.S.C. 1104(c)(3)(B)), as amended 

14 by subparagraph (A). 

15 (2) EXPANSION OF CAP; AUTHORITY TO TRANS16 FER LESSER AMOUNTS.— 

17 (A) CAP.—Sections 401(a)(31)(B)(ii) and 

18 411(a)(11)(A) of the Internal Revenue Code of 

19 1986 and section 203(e)(1) of the Employee 

20 Retirement Income Security Act of 1974 are 

21 each amended by striking ‘‘$5,000’’ and insert22 ing ‘‘$6,000’’. 

23 (B) LESSER AMOUNTS.—Subparagraph 

24 (B) of section 401(a)(31) of such Code is 


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1 amended by adding at the end the following 

2 new clauses: 

3 ‘‘(iii) TREATMENT OF LESSER

4 AMOUNTS.—In the case of a trust which is 

5 part of an eligible plan, such trust shall 

6 not be a qualified trust under this section 

7 unless such plan provides that, if a partici8 pant in the plan separates from the service 

9 covered by the plan and the nonforfeitable 

10 accrued benefit described in clause (ii) is 

11 not in excess of $1,000, the plan adminis12 trator shall (either separately or as part of 

13 the notice under section 402(f)) notify the 

14 participant that the participant is entitled 

15 to such benefit or attempt to pay the ben16 efit directly to the participant. 

17 ‘‘(iv) TRANSFERS TO RETIREMENT

18 SAVINGS LOST AND FOUND OR TREAS19 URY.—If, after a plan administrator takes 

20 the action required under clause (iii), the 

21 participant does not— 

22 ‘‘(I) within 6 months of the noti23 fication under such clause, make an 

24 election under subparagraph (A) or 


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1 elect to receive a distribution of the 

2 benefit directly, or 

3 ‘‘(II) accept any direct payment 

4 made under such clause within 6 

5 months of the attempted payment, 

6 the plan administrator shall transfer the 

7 amount of such benefit to the Director of 

8 the Retirement Savings Lost and Found in 

9 accordance with section 2(c)(2)(a)(ii) of 

10 the Retirement Savings Lost and Found 

11 Act or to an individual retirement account 

12 (as defined in section 408(a)) established 

13 by the Secretary on behalf of the indi14 vidual. 

15 ‘‘(v) INCOME TAX TREATMENT OF

16 TRANSFERS TO RETIREMENT SAVINGS

17 LOST AND FOUND.—For purposes of deter18 mining the income tax treatment of trans19 fers to the Director of the Retirement Sav20 ings Lost and Found under clause (iv)— 

21 ‘‘(I) such a transfer shall be 

22 treated as a transfer to an individual 

23 retirement plan under clause (i), and 

24 ‘‘(II) the distribution of such 

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1 tirement Savings Lost and Found 

2 shall be treated as a distribution from 

3 an individual retirement plan.’’. 

4 (C) EFFECTIVE DATE.—The amendments 

5 made by this paragraph shall apply to vested 

6 benefits with respect to participants who sepa7 rate from service connected to the plan in plan 

8 years beginning after the second December 31 

9 occurring after the date of the enactment of 

10 this Act. 

11 (D) RULE OF CONSTRUCTION.—Nothing in 

12 this section shall be interpreted to prohibit a 

13 plan administrator from transferring the ac14 counts of missing participants to the Pension 

15 Benefit Guaranty Corporation pursuant to sec16 tion 4050 of the Employee Retirement Income 

17 Security Act of 1974. 

18 (c) OFFICE OF THE RETIREMENT SAVINGS LOST

19 AND FOUND.— 

20 (1) IN GENERAL.—Not later than one year 

21 after the date of the enactment of this Act, the 

22 Commissioner of Social Security and the Secretary 

23 of the Treasury shall establish within the appro24 priate agency or subdivision thereof an Office of the 

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1 tered by a Director of the Retirement Savings Lost 

2 and Found who (without regard to the agency or 

3 subdivision where such Office is established) shall 

4 report to both such Commissioner and such Sec5 retary. 

6 (2) RESPONSIBILITIES OF DIRECTOR.— 

7 (A) IN GENERAL.—In addition to admin8 istering the Retirement Savings Lost and 

9 Found under subsection (a) and carrying out 

10 the duties described in clauses (ii) and (iii) of 

11 subsection (a)(1)(A), the Director of the Retire12 ment Savings Lost and Found established 

13 under this section shall— 

14 (i) perform an annual audit of plan 

15 information contained in the Retirement 

16 Savings Lost and Found and ensure that 

17 such information is current and accurate; 

18 (ii) invest any amount transferred 

19 under section 401(a)(31)(B)(iv) of the In20 ternal Revenue Code of 1986 in United 

21 States Treasury securities; and 

22 (iii) upon application filed by the par23 ticipant or beneficiary in such form and 

24 manner as may be prescribed in regula25 tions, pay to the participant or beneficiary 


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1 the amount transferred (or the appropriate 

2 survivor benefit) either— 

3 (I) in a single sum (plus inter4 est); or 

5 (II) in such other form as is 

6 specified in regulations; and 

7 (iv) identify such amount as eligible to 

8 be paid into an eligible retirement plan de9 scribed in section 402(c)(8)(B) of the In10 ternal Revenue Code of 1986. 

11 (B) OPTION TO CONTRACT.—The Director 

12 of the Retirement Savings Lost and Found 

13 shall conduct an analysis of the cost effective14 ness of contracting with a third party to carry 

15 out the responsibilities under subparagraph (A) 

16 and, if the Director determines that it would be 

17 more cost effective to do so than to carry out 

18 such responsibilities within the Office of the Re19 tirement Savings Lost and Found, the Director 

20 shall report to the Committees on Finance and 

21 Health, Education, Labor, and Pensions of the 

22 Senate and the Committees on Ways and 

23 Means and Education and Labor of the House 

24 of Representatives the intention to so contract. 


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1 (C) OPTION TO PRESCRIBE PROTOCOLS.— 

2 The Director of the Retirement Savings Lost 

3 and Found may establish protocols to assist 

4 participants originally treated as lost or missing 

5 in claiming their benefits under a plan. 

6 (D) COORDINATION.—The Director of the 

7 Retirement Savings Lost and Found shall co8 ordinate with the Pension Benefit Guaranty 

9 Corporation and other applicable agencies to in10 tegrate information and databases on lost, 

11 missing, and inactive participants. 

Æ 


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