II 

115TH CONGRESS 

2D SESSION S. 2474 

To increase portability of and access to retirement savings, and for other 

purposes. 

IN THE SENATE OF THE UNITED STATES 

FEBRUARY 28, 2018 

Ms. WARREN (for herself and Mr. DAINES) introduced the following bill; which 

was read twice and referred to the Committee on Finance 

A BILL 

To increase portability of and access to retirement savings, 

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 of 2018’’. 

6 SEC. 2. RETIREMENT SAVINGS LOST AND FOUND. 

7 (a) ESTABLISHMENT.— 

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

9 the date of the enactment of this Act, the Commis10 sioner of Social Security and the Secretary of the 


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1 Treasury in cooperation shall establish an online 

2 mechanism to be known as the ‘‘Retirement Savings 

3 Lost and Found’’, to be managed by the Director of 

4 the Retirement Savings Lost and Found established 

5 under section 4 of this Act— 

6 (A) to allow an individual to search for in7 formation that enables the individual to locate 

8 the plan administrator of any plans with re9 spect to which the individual is a participant or 

10 beneficiary, and to provide contact information 

11 for the plan administrator of any plan described 

12 in paragraph (2) with respect to which the indi13 vidual may be entitled to a benefit; 

14 (B) to allow such Director to assist such 

15 an individual in locating any plan of the indi16 vidual; and 

17 (C) to allow such Director to make any 

18 necessary changes to contact information on 

19 record for the plan administrator based on any 

20 changes to the plan due to merger or consolida21 tion of the plan with any other plan, division of 

22 the plan into two or more plans, bankruptcy, 

23 termination, change in name of the plan, 

24 change in name or address of the plan adminis25 trator, or other causes. 


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1 The Retirement Savings Lost and Found established 

2 under this paragraph shall contain the information 

3 obtained by the Commissioner of Social Security re4 garding deferred vested benefits under section 6057 

5 of the Internal Revenue Code of 1986 (including in6 formation so obtained before the date of the enact7 ment of this Act). Such information shall be re8 tained in the Retirement Savings Lost and Found in 

9 perpetuity. 

10 (2) PLANS DESCRIBED.—A plan described in 

11 this paragraph is a plan to which the vesting stand12 ards of section 203 of part 2 of subtitle B of title 

13 I of the Employee Retirement Income Security Act 

14 of 1974 apply. 

15 (b) ADMINISTRATION.—The Retirement Savings Lost 

16 and Found established under subsection (a) shall provide 

17 individuals described in subsection (a)(1) only with the 

18 ability to view contact information for the plan adminis19 trator of any plan with respect to which the individual is 

20 a participant or beneficiary, sufficient to allow the indi21 vidual to locate the individual’s plan. 

22 (c) CURRENT INFORMATION.— 

23 (1) IN GENERAL.—Paragraph (2) of section 

24 6057(a) of the Internal Revenue Code of 1986 is 

25 amended— 


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1 (A) in subparagraph (C)— 

2 (i) by striking ‘‘during such plan 

3 year’’ in clause (i) and inserting ‘‘during 

4 the plan year immediately preceding such 

5 plan year’’; 

6 (ii) by adding ‘‘and’’ at the end of 

7 clause (i); and 

8 (iii) by striking clause (iii); 

9 (B) by redesignating subparagraph (E) as 

10 subparagraph (G); 

11 (C) by striking ‘‘and’’ at the end of sub12 paragraph (D); and 

13 (D) by inserting after subparagraph (D) 

14 the following new subparagraphs: 

15 ‘‘(E) the name and taxpayer identifying 

16 number of each participant or former partici17 pant in the plan— 

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

19 year, was reported under subparagraph 

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

21 described in subparagraph (C)(ii) were 

22 fully paid during the plan year, 

23 ‘‘(ii) with respect to whom any 

24 amount was distributed under section 

25 401(a)(31)(B) during the plan year, or 


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

2 annuity contract was distributed during 

3 the plan year, 

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

5 participant to whom subparagraph (E) ap6 plies— 

7 ‘‘(i) in the case of a participant de8 scribed in clause (ii) thereof, the name and 

9 address of the designated trustee or issuer 

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

11 the account number of the individual re12 tirement plan to which the amount was 

13 distributed, and 

14 ‘‘(ii) in the case of a participant de15 scribed in clause (iii) thereof, the name 

16 and address of the issuer of such annuity 

17 contract and the contract or certificate 

18 number, and’’. 

19 (2) RULES RELATING TO DIRECT TRUSTEE-TO20 TRUSTEE TRANSFERS.— 

21 (A) IN GENERAL.—Paragraph (6) of sec22 tion 402(e) of such Code is amended— 

23 (i) by striking ‘‘TRANSFERS.—Any’’ 

24 and inserting ‘‘TRANSFERS.— 

25 ‘‘(A) IN GENERAL.—Any’’; and 


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1 (ii) by adding at the end the following 

2 new subparagraph: 

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

4 case of a distribution under section 

5 401(a)(31)(B), the plan administrator shall no6 tify the designated trustee or issuer described 

7 in clause (i) thereof that the transfer is a man8 datory distribution required by such section.’’. 

9 (B) PENALTY.—Subsection (i) of section 

10 6652 of such Code is amended— 

11 (i) by striking ‘‘TO RECIPIENTS’’ in 

12 the heading and inserting ‘‘OR NOTIFICA13 TION’’; 

14 (ii) by striking ‘‘402(f),’’ and insert15 ing ‘‘402(f) or a notification as required by 

16 section 402(e)(6)(B),’’; and 

17 (iii) by striking ‘‘such written expla18 nation’’ and inserting ‘‘such written expla19 nation or notification’’. 

20 (C) REPORTS.—Subsection (i) of section 

21 408 of such Code is amended— 

22 (i) by redesignating subparagraphs 

23 (A) and (B) of paragraph (2) as clauses (i) 

24 and (ii), respectively, and by moving such 

25 clauses 2 ems to the right; 


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1 (ii) by redesignating paragraphs (1) 

2 and (2) as subparagraphs (A) and (B), re3 spectively, and by moving such subpara4 graphs 2 ems to the right; 

5 (iii) by striking ‘‘as the Secretary pre6 scribes’’ in subparagraph (B)(ii), as so re7 designated, and all that follows through ‘‘a 

8 simple retirement account’’ and inserting 

9 ‘‘as the Secretary prescribes. 

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

11 case of a simple retirement account’’; 

12 (iv) by striking ‘‘REPORTS.—The 

13 trustee of’’ and inserting ‘‘REPORTS.— 

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

15 (v) by striking ‘‘under paragraph (2)’’ 

16 in paragraph (3), as redesignated by clause 

17 (iii), and inserting ‘‘under paragraph 

18 (1)(B)’’; and 

19 (vi) by inserting after paragraph 

20 (1)(B)(ii), as redesignated by the pre21 ceding clauses, the following new para22 graph: 

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

24 of an account, contract, or annuity to which a trans25 fer under section 401(a)(31)(B) is made (including 


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1 a transfer from the individual retirement plan to 

2 which the original transfer under such section was 

3 made to another individual retirement plan), the re4 port required by this subsection for the year of the 

5 transfer shall— 

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

7 distribution required by such section, 

8 ‘‘(B) include the name, address, and tax9 payer identifying number of the trustee or 

10 issuer of the individual retirement plan to which 

11 the amount is transferred, and 

12 ‘‘(C) be filed with the Director of the Re13 tirement Savings Lost and Found established 

14 under section 2(a) of the Retirement Savings 

15 Lost and Found Act of 2018 as well as with the 

16 Secretary.’’. 

17 (3) NOTIFICATION OF PARTICIPANTS UPON SEP18 ARATION.—Subsection (e) of section 6057 of such 

19 Code is amended by inserting ‘‘, and a notice of the 

20 availability of the Retirement Savings Lost and 

21 Found established under section 2(a) of the Retire22 ment Savings Lost and Found Act of 2018’’ before 

23 the period at the end of the second sentence. 

24 (4) EFFECTIVE DATE.—The amendments made 

25 by this subsection shall apply to distributions made 


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1 in, and returns and reports relating to, years begin2 ning after the second December 31 occurring after 

3 the date of the enactment of this Act. 

4 (d) COORDINATION WITH DISTRIBUTION REQUIRE5 MENTS, FIDUCIARY DUTIES, ETC.— 

6 (1) AMENDMENT OF INTERNAL REVENUE CODE

7 OF 1986.—Paragraph (9) of section 401(a) of the In8 ternal Revenue Code of 1986 is amended by adding 

9 at the end the following new subparagraph: 

10 ‘‘(H) COORDINATION WITH RETIREMENT

11 SAVINGS LOST AND FOUND.— 

12 ‘‘(i) IN GENERAL.—With respect to 

13 any lost or missing participant of a plan, 

14 the plan shall not be treated as failing to 

15 satisfy the requirements of this paragraph 

16 or any other requirement of this title which 

17 cannot be satisfied due to the plan’s inabil18 ity to locate the participant. 

19 ‘‘(ii) LOST OR MISSING PARTICI20 PANT.—For purposes of subclause (i), the 

21 term ‘lost or missing participant’ means 

22 any employee or the beneficiary of an em23 ployee with respect to whom the plan ad24 ministrator or other responsible party (in25 cluding a plan service provider or trustee 


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1 or issuer of an individual retirement plan 

2 receiving a transfer described in section 

3 401(a)(31)(B)) has— 

4 ‘‘(I) satisfied the requirements of 

5 section 6057(a), 

6 ‘‘(II) made at least one unsuc7 cessful attempt to contact the indi8 vidual at the most recent address 

9 maintained for the individual in the 

10 records of the plan, by certified mail 

11 or other similar delivery service if the 

12 most recent address is a physical ad13 dress, and by electronic mail or other 

14 electronic communication if the only 

15 address on record is an electronic ad16 dress, and 

17 ‘‘(III) has taken at least one 

18 (two, in the case of an individual for 

19 whom the plan records contain only 

20 an electronic address) of the addi21 tional measures described in clause 

22 (iii) to attempt to locate the indi23 vidual. 

24 ‘‘(iii) ADDITIONAL MEASURES.—The 

25 additional measures described in this 


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1 clause are the following, when taken by a 

2 plan administrator or other responsible 

3 party: 

4 ‘‘(I) Checked with the adminis5 trator of a related plan or checked the 

6 plan sponsor’s records for an updated 

7 address. 

8 ‘‘(II) Made at least one unsuc9 cessful attempt to contact the individ10 ual’s designated plan beneficiary, by 

11 the methods described in clause 

12 (ii)(II). 

13 ‘‘(III) Performed at least one 

14 search using free electronic search 

15 tools. 

16 ‘‘(IV) Attempted to locate the 

17 participant using a commercial locator 

18 service. 

19 ‘‘(iv) CESSATION OF STATUS.—An in20 dividual shall cease to be treated as a lost 

21 or missing participant during any period 

22 the plan administrator has actual knowl23 edge of the individual’s whereabouts and 

24 how to contact the individual, except that 

25 the requirements of this paragraph and 


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1 any other requirement of this title which 

2 cannot be satisfied if the plan is unable to 

3 locate a participant shall be waived for the 

4 180-day period beginning on the date the 

5 plan administrator first had such actual 

6 knowledge. 

7 ‘‘(v) JOINT REGULATORY AUTHOR8 ITY.—Any temporary, proposed, or final 

9 regulation or other guidance of general ap10 plicability under this subparagraph shall be 

11 issued jointly by the Internal Revenue 

12 Service, Department of the Treasury, the 

13 Employee Benefits Security Administra14 tion, Department of Labor, and the Pen15 sion Benefit Guaranty Corporation.’’. 

16 (2) AMENDMENT OF EMPLOYEE RETIREMENT

17 INCOME SECURITY ACT OF 1974.— 

18 (A) IN GENERAL.—Section 404 of the Em19 ployee Retirement Income Security Act of 1974 

20 (29 U.S.C. 1104) is amended by adding at the 

21 end the following new subsection: 

22 ‘‘(e) COORDINATION WITH RETIREMENT SAVINGS

23 LOST AND FOUND.— 

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

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


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1 shall not be treated as failing to satisfy any require2 ment to search for or attempt to locate, or to pro3 vide any document or information to, such indi4 vidual, or any other requirement of this title which 

5 cannot be satisfied due to the plan’s inability to lo6 cate the participant. 

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

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

9 participant’ means any participant or former partici10 pant, or the beneficiary of any such individual, with 

11 respect to whom the plan administrator or other re12 sponsible party (including a plan service provider or 

13 trustee or issuer of an individual retirement plan re14 ceiving a transfer described in section 

15 401(a)(31)(B)) has— 

16 ‘‘(A) satisfied the requirements of section 

17 6057(a) of the Internal Revenue Code of 1986, 

18 ‘‘(B) made at least one unsuccessful at19 tempt to contact the individual at the most re20 cent address maintained for the individual in 

21 the records of the plan, by certified mail or 

22 other similar delivery service if the most recent 

23 address is a physical address, and by electronic 

24 mail or other electronic communication if the 


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1 only address on record is an electronic address, 

2 and 

3 ‘‘(C) has taken at least one (two, in the 

4 case of an individual for whom the plan records 

5 contain only an electronic address) of the addi6 tional measures described in paragraph (3) to 

7 attempt to locate the individual. 

8 ‘‘(3) ADDITIONAL MEASURES.—The additional 

9 measures described in this paragraph are the fol10 lowing, when taken by a plan administrator or other 

11 responsible party: 

12 ‘‘(A) Checked with the administrator of a 

13 related plan or checked the plan sponsor’s 

14 records for an updated address. 

15 ‘‘(B) Made at least one unsuccessful at16 tempt to contact the individual’s designated 

17 plan beneficiary, by the methods described in 

18 paragraph (2)(B). 

19 ‘‘(C) Performed at least one search using 

20 free electronic search tools. 

21 ‘‘(D) Attempted to locate the participant 

22 using a commercial locator service. 

23 ‘‘(4) CESSATION OF STATUS.—An individual 

24 shall cease to be treated as a lost or missing partici25 pant during any period the plan administrator has 


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1 actual knowledge of the individual’s whereabouts 

2 and how to contact the individual, except that the 

3 requirements described in paragraph (1) shall be 

4 waived for the 180-day period beginning on the date 

5 the plan administrator first had such actual knowl6 edge. 

7 ‘‘(5) JOINT REGULATORY AUTHORITY.—Any 

8 temporary, proposed, or final regulation or other 

9 guidance of general applicability under this sub10 section shall be issued jointly by the Internal Rev11 enue Service, Department of the Treasury, the Em12 ployee Benefits Security Administration, Depart13 ment of Labor, and the Pension Benefit Guaranty 

14 Corporation.’’. 

15 (B) CONFORMING AMENDMENTS.—Section 

16 4050(a)(1) of the Employee Retirement Income 

17 Security Act of 1974 (29 U.S.C. 1350(a)(1)) is 

18 amended— 

19 (i) in subparagraph (B)— 

20 (I) by striking ‘‘provides’’ and in21 serting ‘‘either— 

22 ‘‘(i) provides’’; 

23 (II) by striking the period at the 

24 end and inserting ‘‘; or’’; and 


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1 (III) by adding at the end the 

2 following new clause: 

3 ‘‘(ii) satisfies the requirements of sec4 tion 6057(a) of the Internal Revenue Code 

5 of 1986.’’; and 

6 (ii) by adding at the end the following 

7 flush language: 

8 ‘‘Any temporary, proposed, or final regulation or 

9 other guidance of general applicability under this 

10 subsection shall be issued jointly by the Internal 

11 Revenue Service, Department of the Treasury, the 

12 Employee Benefits Security Administration, Depart13 ment of Labor, and the Pension Benefit Guaranty 

14 Corporation.’’. 

15 (e) REQUIREMENT OF ELECTRONIC FILING.— 

16 (1) IN GENERAL.—Paragraph (2) of section 

17 6011(e) of the Internal Revenue Code of 1986 is 

18 amended— 

19 (A) by redesignating subparagraphs (A) 

20 and (B) as clauses (i) and (ii), respectively, and 

21 by moving such clauses 2 ems to the right; 

22 (B) by striking ‘‘the requirements of such 

23 regulations’’ and all that follows through ‘‘the 

24 Secretary shall require’’ and inserting ‘‘the re25 quirements of such regulations. 


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1 ‘‘(B) CERTAIN PARTNERSHIPS.—Notwith2 standing subparagraph (A), the Secretary shall 

3 require’’; 

4 (C) by striking ‘‘REGULATIONS.—In pre5 scribing’’ and inserting ‘‘REGULATIONS.— 

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

7 (D) by adding at the end the following new 

8 subparagraph: 

9 ‘‘(C) EXCEPTIONS.—Notwithstanding sub10 paragraph (A), the Secretary shall require re11 turns or reports required under— 

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

13 and 

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

15 to the extent such return or report relates 

16 to the tax treatment of a distribution from 

17 a plan, account, contract, or annuity, 

18 to be filed on magnetic media, but only with re19 spect to persons who are required to file at 

20 least 50 returns during the calendar year which 

21 includes the first day of the plan year to which 

22 such returns or reports relate.’’. 

23 (2) EFFECTIVE DATE.—The amendments made 

24 by this subsection shall apply to returns and reports 

25 relating to years beginning after the second DecemVerDate Sep 11 2014 02:04 Mar 06, 2018 Jkt 079200 PO 00000 Frm 00017 Fmt 6652 Sfmt 6201 E:\BILLS\S2474.IS S2474

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1 ber 31 occurring after the date of the enactment of 

2 this Act. 

3 (f) SAFEGUARDING PARTICIPANT PRIVACY AND SE4 CURITY.—In establishing the Retirement Savings Lost 

5 and Found under subsection (a), the Commissioner of So6 cial Security and the Secretary of the Treasury shall take 

7 all necessary and proper precautions, including consulting 

8 with the Secretary of Health and Human Services, to en9 sure that individuals’ plan information maintained by the 

10 Retirement Savings Lost and Found is protected and that 

11 persons other than the individual cannot fraudulently 

12 claim the benefits to which any individual is entitled, and 

13 to allow any individual to opt out of inclusion in the Lost 

14 and Found at the election of the individual. 

15 (g) CONFORMING AMENDMENT.—Subparagraph (B) 

16 of section 6103(l)(1) of the Internal Revenue Code of 

17 1986 is amended by striking ‘‘responsibility under section 

18 1131 of the Social Security Act’’ and inserting ‘‘respon19 sibilities under section 1131 of the Social Security Act and 

20 section 2(a)(1) of the Retirement Savings Lost and Found 

21 Act of 2018’’. 

22 (h) AUTHORIZATION OF APPROPRIATIONS.—There 

23 are authorized to be appropriated such sums as may be 

24 necessary to carry out the purposes of this section. 


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1 SEC. 3. MANDATORY TRANSFERS OF ROLLOVER DISTRIBU2 TIONS. 

3 (a) INVESTMENT OPTIONS.— 

4 (1) IN GENERAL.—Subparagraph (B) of section 

5 404(c)(3) of the Employee Retirement Income Secu6 rity Act of 1974 (29 U.S.C. 1104(c)(3)) is amended 

7 by striking the period at the end and inserting ‘‘, 

8 and, to the extent the Secretary provides in guidance 

9 or regulations issued after the enactment of the Re10 tirement Savings Lost and Found Act of 2018, is 

11 made to— 

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

13 held under such account; 

14 ‘‘(ii) as described in section 

15 2550.404a–2 of title 29, Code of Federal 

16 Regulations, an investment product held 

17 under such account designed to preserve 

18 principal and provide a reasonable rate of 

19 return; 

20 ‘‘(iii) the Director of the Retirement 

21 Savings Lost and Found in accordance 

22 with section 3(c)(2) of the Retirement Sav23 ings Lost and Found Act of 2018 or an in24 dividual retirement account (as defined in 

25 section 408(a) of the Internal Revenue 

26 Code of 1986) established by the Secretary 


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1 of the Treasury on behalf of the partici2 pant or beneficiary, but only if all applica3 ble reporting requirements are met with re4 spect to such transfer; or 

5 ‘‘(iv) such other option as the Sec6 retary may so provide.’’. 

7 (2) REGULATIONS.—Not later than 270 days 

8 after the date of the enactment of this Act, the Sec9 retary of Labor shall promulgate regulations identi10 fying the target date or life cycle funds, or speci11 fying the characteristics of such a fund, that will be 

12 deemed to meet the requirements of section 

13 404(c)(3)(B)(i) of the Employee Retirement Income 

14 Security Act of 1974 (29 U.S.C. 1104(c)(3)(B)), as 

15 amended by paragraph (1). 

16 (b) EXPANSION OF CAP; AUTHORITY TO TRANSFER

17 LESSER AMOUNTS.— 

18 (1) CAP.—Sections 401(a)(31)(B)(ii) and 

19 411(a)(11)(A) of the Internal Revenue Code of 1986 

20 and section 203(e)(1) of the Employee Retirement 

21 Income Security Act of 1974 are each amended by 

22 striking ‘‘$5,000’’ and inserting ‘‘$6,000’’. 

23 (2) LESSER AMOUNTS.—Subparagraph (B) of 

24 section 401(a)(31) of such Code is amended by add25 ing at the end the following new clauses: 


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1 ‘‘(iii) TREATMENT OF LESSER

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

3 part of an eligible plan, such trust shall 

4 not be a qualified trust under this section 

5 unless such plan provides that, if a partici6 pant in the plan separates from the service 

7 covered by the plan and the nonforfeitable 

8 accrued benefit described in clause (ii) is 

9 not in excess of $1,000, the plan adminis10 trator shall (either separately or as part of 

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

12 participant that the participant is entitled 

13 to such benefit or attempt to pay the ben14 efit directly to the participant. 

15 ‘‘(iv) TRANSFERS TO RETIREMENT

16 SAVINGS LOST AND FOUND OR TREAS17 URY.—If, after a plan administrator takes 

18 the action required under clause (iii), the 

19 participant does not— 

20 ‘‘(I) within 6 months of the noti21 fication under such clause, make an 

22 election under subparagraph (A) or 

23 elect to receive a distribution of the 

24 benefit directly, or 


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1 ‘‘(II) accept any direct payment 

2 made under such clause within 6 

3 months of the attempted payment, 

4 the plan administrator shall transfer the 

5 amount of such benefit to the Director of 

6 the Retirement Savings Lost and Found in 

7 accordance with section 3(c)(2) of the Re8 tirement Savings Lost and Found Act of 

9 2018 or to an individual retirement ac10 count (as defined in section 408(a)) estab11 lished by the Secretary on behalf of the in12 dividual. 

13 ‘‘(v) INCOME TAX TREATMENT OF

14 TRANSFERS TO RETIREMENT SAVINGS

15 LOST AND FOUND.—For purposes of deter16 mining the income tax treatment of trans17 fers to the Director of the Retirement Sav18 ings Lost and Found under clause (iv)— 

19 ‘‘(I) such a transfer shall be 

20 treated as a transfer to an individual 

21 retirement plan under clause (i), and 

22 ‘‘(II) the distribution of such 

23 amounts by the Director of the Re24 tirement Savings Lost and Found 


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1 shall be treated as a distribution from 

2 an individual retirement plan.’’. 

3 (3) EFFECTIVE DATE.—The amendments made 

4 by this subsection shall apply to vested benefits with 

5 respect to participants who separate from service 

6 connected to the plan in plan years beginning after 

7 the second December 31 occurring after the date of 

8 the enactment of this Act. 

9 (4) RULE OF CONSTRUCTION.—Nothing in this 

10 Act shall be interpreted to prohibit a plan adminis11 trator from transferring the accounts of missing par12 ticipants to the Pension Benefit Guaranty Corpora13 tion pursuant to section 4050 of the Employee Re14 tirement Income Security Act of 1974. 

15 SEC. 4. OFFICE OF THE RETIREMENT SAVINGS LOST AND 

16 FOUND. 

17 (a) IN GENERAL.—Not later than one year after the 

18 date of the enactment of this Act, the Commissioner of 

19 Social Security and the Secretary of the Treasury shall 

20 establish within the appropriate agency or subdivision 

21 thereof an Office of the Retirement Savings Lost and 

22 Found, to be administered by a Director of the Retirement 

23 Savings Lost and Found who (without regard to the agen24 cy or subdivision where such Office is established) shall 

25 report to both such Commissioner and such Secretary. 


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1 (b) RESPONSIBILITIES OF DIRECTOR.— 

2 (1) IN GENERAL.—In addition to administering 

3 the Retirement Savings Lost and Found under sec4 tion 2 and carrying out the duties described in sub5 paragraphs (B) and (C) of section 2(a)(1), the Di6 rector of the Retirement Savings Lost and Found 

7 established under this section shall— 

8 (A) perform an annual audit of plan infor9 mation contained in the Retirement Savings 

10 Lost and Found and ensure that such informa11 tion is current and accurate; 

12 (B) invest any amount transferred under 

13 section 401(a)(31)(B)(iv) of the Internal Rev14 enue Code of 1986 in United States Treasury 

15 securities; and 

16 (C) upon application filed by the partici17 pant or beneficiary in such form and manner as 

18 may be prescribed in regulations, pay to the 

19 participant or beneficiary the amount trans20 ferred (or the appropriate survivor benefit) ei21 ther— 

22 (i) in a single sum (plus interest); or 

23 (ii) in such other form as is specified 

24 in regulations; and 


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1 (D) identify such amount as eligible to be 

2 paid into an eligible retirement plan described 

3 in section 402(c)(8)(B) of the Internal Revenue 

4 Code of 1986. 

5 (2) OPTION TO CONTRACT.—The Director of 

6 the Retirement Savings Lost and Found shall con7 duct an analysis of the cost effectiveness of con8 tracting with a third party to carry out the respon9 sibilities under paragraph (1) and, if the Director 

10 determines that it would be more cost effective to do 

11 so than to carry out such responsibilities within the 

12 Office of the Retirement Savings Lost and Found, 

13 the Director shall report to the Committees on Fi14 nance and Health, Education, Labor, and Pensions 

15 of the Senate and the Committees on Ways and 

16 Means and Education and the Workforce of the 

17 House of Representatives the intention to so con18 tract. 

19 (3) OPTION TO PRESCRIBE PROTOCOLS.—The 

20 Director of the Retirement Savings Lost and Found 

21 may establish protocols to assist participants origi22 nally treated as lost or missing in claiming their 

23 benefits under a plan. 

24 (4) COORDINATION.—The Director of the Re25 tirement Savings Lost and Found shall coordinate 


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•S 2474 IS

1 with the Pension Benefit Guaranty Corporation and 

2 other applicable agencies to integrate information 

3 and databases on lost, missing, and inactive partici4 pants. 

Æ 


lotter on DSKBCFDHB2PROD with BILLS