I 
115TH CONGRESS 
2D SESSION 
H. R. 6540 
To increase portability of and access to retirement savings, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 26, 2018 
Ms. BONAMICI (for herself, Mr. MESSER, and Mr. BANKS of Indiana) intro-
duced the following bill; which was 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 juris-
diction of the committee concerned 
A BILL 
To increase portability of and access to retirement savings, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Retirement Savings 
Lost and Found Act of 2018’’. 
SEC. 2. RETIREMENT SAVINGS LOST AND FOUND. 
(a) ESTABLISHMENT.— 
VerDate Sep 11 2014 
03:00 Aug 08, 2018
Jkt 079200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H6540.IH
H6540
rfrederick on DSKBCBPHB2PROD with BILLS
(1) IN GENERAL.—Not later than 2 years after 
the date of the enactment of this Act, the Commis-
sioner of Social Security and the Secretary of the 
Treasury in cooperation shall establish an online 
mechanism to be known as the ‘‘Retirement Savings 
Lost and Found’’, to be managed by the Director of 
the Retirement Savings Lost and Found established 
under section 4 of this Act— 
(A) to allow an individual to search for in-
formation that enables the individual to locate 
the plan administrator of any plans with re-
spect to which the individual is a participant or 
beneficiary, and to provide contact information 
for the plan administrator of any plan described 
in paragraph (2) with respect to which the indi-
vidual may be entitled to a benefit; 
(B) to allow such Director to assist such 
an individual in locating any plan of the indi-
vidual; and 
(C) to allow such Director to make any 
necessary changes to contact information on 
record for the plan administrator based on any 
changes to the plan due to merger or consolida-
tion of the plan with any other plan, division of 
the plan into two or more plans, bankruptcy, 
VerDate Sep 11 2014 
03:00 Aug 08, 2018
Jkt 079200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H6540.IH
H6540
rfrederick on DSKBCBPHB2PROD with BILLS
termination, change in name of the plan, 
change in name or address of the plan adminis-
trator, or other causes. 
The Retirement Savings Lost and Found established 
under this paragraph shall contain the information 
obtained by the Commissioner of Social Security re-
garding deferred vested benefits under section 6057 
of the Internal Revenue Code of 1986 (including in-
formation so obtained before the date of the enact-
ment of this Act). Such information shall be re-
tained in the Retirement Savings Lost and Found in 
perpetuity. 
(2) PLANS DESCRIBED.—A plan described in 
this paragraph is a plan to which the vesting stand-
ards of section 203 of part 2 of subtitle B of title 
I of the Employee Retirement Income Security Act 
of 1974 apply. 
(b) ADMINISTRATION.—The Retirement Savings Lost 
and Found established under subsection (a) shall provide 
individuals described in subsection (a)(1) only with the 
ability to view contact information for the plan adminis-
trator of any plan with respect to which the individual is 
a participant or beneficiary, sufficient to allow the indi-
vidual to locate the individual’s plan. 
(c) CURRENT INFORMATION.— 
VerDate Sep 11 2014 
03:00 Aug 08, 2018
Jkt 079200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H6540.IH
H6540
rfrederick on DSKBCBPHB2PROD with BILLS
(1) IN
GENERAL.—Paragraph (2) of section 
6057(a) of the Internal Revenue Code of 1986 is 
amended— 
(A) in subparagraph (C)— 
(i) by striking ‘‘during such plan 
year’’ in clause (i) and inserting ‘‘during 
the plan year immediately preceding such 
plan year’’; 
(ii) by adding ‘‘and’’ at the end of 
clause (i); and 
(iii) by striking clause (iii); 
(B) by redesignating subparagraph (E) as 
subparagraph (G); 
(C) by striking ‘‘and’’ at the end of sub-
paragraph (D); and 
(D) by inserting after subparagraph (D) 
the following new subparagraphs: 
‘‘(E) the name and taxpayer identifying 
number of each participant or former partici-
pant in the plan— 
‘‘(i) who, during any previous plan 
year, was reported under subparagraph 
(C), and with respect to whom the benefits 
described in subparagraph (C)(ii) were 
fully paid during the plan year, 
VerDate Sep 11 2014 
03:00 Aug 08, 2018
Jkt 079200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H6540.IH
H6540
rfrederick on DSKBCBPHB2PROD with BILLS
(i) by redesignating subparagraphs 
(A) and (B) of paragraph (2) as clauses (i) 
and (ii), respectively, and by moving such 
clauses 2 ems to the right; 
(ii) by redesignating paragraphs (1) 
and (2) as subparagraphs (A) and (B), re-
spectively, and by moving such subpara-
graphs 2 ems to the right; 
(iii) by striking ‘‘as the Secretary pre-
scribes’’ in subparagraph (B)(ii), as so re-
designated, and all that follows through ‘‘a 
simple retirement account’’ and inserting 
‘‘as the Secretary prescribes. 
‘‘(3) SIMPLE RETIREMENT ACCOUNTS.—In the 
case of a simple retirement account’’; 
(iv) 
by 
striking 
‘‘REPORTS.—The 
trustee of’’ and inserting ‘‘REPORTS.— 
‘‘(1) IN GENERAL.—The trustee of’’; 
(v) by striking ‘‘under paragraph (2)’’ 
in paragraph (3), as redesignated by clause 
(iii), and inserting ‘‘under paragraph 
(1)(B)’’; and 
(vi) by inserting after paragraph 
(1)(B)(ii), as redesignated by the pre-
VerDate Sep 11 2014 
03:00 Aug 08, 2018
Jkt 079200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H6540.IH
H6540
rfrederick on DSKBCBPHB2PROD with BILLS
ceding clauses, the following new para-
graph: 
‘‘(2) MANDATORY DISTRIBUTIONS.—In the case 
of an account, contract, or annuity to which a trans-
fer under section 401(a)(31)(B) is made (including 
a transfer from the individual retirement plan to 
which the original transfer under such section was 
made to another individual retirement plan), the re-
port required by this subsection for the year of the 
transfer shall— 
‘‘(A) identify such transfer as a mandatory 
distribution required by such section, 
‘‘(B) include the name, address, and tax-
payer identifying number of the trustee or 
issuer of the individual retirement plan to which 
the amount is transferred, and 
‘‘(C) be filed with the Director of the Re-
tirement Savings Lost and Found established 
under section 2(a) of the Retirement Savings 
Lost and Found Act of 2018 as well as with the 
Secretary.’’. 
(3) NOTIFICATION OF PARTICIPANTS UPON SEP-
ARATION.—Subsection (e) of section 6057 of such 
Code is amended by inserting ‘‘, and a notice of the 
availability of the Retirement Savings Lost and 
VerDate Sep 11 2014 
03:00 Aug 08, 2018
Jkt 079200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H6540.IH
H6540
rfrederick on DSKBCBPHB2PROD with BILLS
Found established under section 2(a) of the Retire-
ment Savings Lost and Found Act of 2018’’ before 
the period at the end of the second sentence. 
(4) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply to distributions made 
in, and returns and reports relating to, years begin-
ning after the second December 31 occurring after 
the date of the enactment of this Act. 
(d) COORDINATION WITH DISTRIBUTION REQUIRE-
MENTS, FIDUCIARY DUTIES, ETC.— 
(1) AMENDMENT OF INTERNAL REVENUE CODE 
OF 1986.—Paragraph (9) of section 401(a) of the In-
ternal Revenue Code of 1986 is amended by adding 
at the end the following new subparagraph: 
‘‘(H) COORDINATION
WITH
RETIREMENT 
SAVINGS LOST AND FOUND.— 
‘‘(i) IN
GENERAL.—With respect to 
any lost or missing participant of a plan, 
the plan shall not be treated as failing to 
satisfy the requirements of this paragraph 
or any other requirement of this title which 
cannot be satisfied due to the plan’s inabil-
ity to locate the participant. 
‘‘(ii) LOST
OR
MISSING
PARTICI-
PANT.—For purposes of subclause (i), the 
VerDate Sep 11 2014 
03:00 Aug 08, 2018
Jkt 079200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H6540.IH
H6540
rfrederick on DSKBCBPHB2PROD with BILLS
term ‘lost or missing participant’ means 
any employee or the beneficiary of an em-
ployee with respect to whom the plan ad-
ministrator or other responsible party (in-
cluding a plan service provider or trustee 
or issuer of an individual retirement plan 
receiving a transfer described in section 
401(a)(31)(B)) has— 
‘‘(I) satisfied the requirements of 
section 6057(a), 
‘‘(II) made at least one unsuc-
cessful attempt to contact the indi-
vidual at the most recent address 
maintained for the individual in the 
records of the plan, by certified mail 
or other similar delivery service if the 
most recent address is a physical ad-
dress, and by electronic mail or other 
electronic communication if the only 
address on record is an electronic ad-
dress, and 
‘‘(III) has taken at least one 
(two, in the case of an individual for 
whom the plan records contain only 
an electronic address) of the addi-
VerDate Sep 11 2014 
03:00 Aug 08, 2018
Jkt 079200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H6540.IH
H6540
rfrederick on DSKBCBPHB2PROD with BILLS
tional measures described in clause 
(iii) to attempt to locate the indi-
vidual. 
‘‘(iii) ADDITIONAL
MEASURES.—The 
additional measures described in this 
clause are the following, when taken by a 
plan administrator or other responsible 
party: 
‘‘(I) Checked with the adminis-
trator of a related plan or checked the 
plan sponsor’s records for an updated 
address. 
‘‘(II) Made at least one unsuc-
cessful attempt to contact the individ-
ual’s designated plan beneficiary, by 
the methods described in clause 
(ii)(II). 
‘‘(III) Performed at least one 
search using free electronic search 
tools. 
‘‘(IV) Attempted to locate the 
participant using a commercial locator 
service. 
‘‘(iv) CESSATION OF STATUS.—An in-
dividual shall cease to be treated as a lost 
VerDate Sep 11 2014 
03:00 Aug 08, 2018
Jkt 079200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H6540.IH
H6540
rfrederick on DSKBCBPHB2PROD with BILLS