I 
119TH CONGRESS 
1ST SESSION H. R. 5325 
To direct the Secretary of Labor to promulgate a regulation allowing adminis-
trators of certain pension plans to voluntarily transfer unclaimed retire-
ment distributions to State unclaimed property programs. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 11, 2025 
Mr. MAGAZINER (for himself and Mr. ESTES) introduced the following bill; 
which was referred to the Committee on Education and Workforce, and 
in addition to the Committee on Ways and Means, for a period to be sub-
sequently determined by the Speaker, in each case for consideration of 
such provisions as fall within the jurisdiction of the committee concerned 
A BILL 
To direct the Secretary of Labor to promulgate a regulation 
allowing administrators of certain pension plans to volun-
tarily transfer unclaimed retirement distributions to 
State unclaimed property programs. 
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 ‘‘Unclaimed Retirement 
Rescue Plan’’. 
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SEC. 2. UNCLAIMED RETIREMENT DISTRIBUTIONS REGU-
LATION. 
(a) IN GENERAL.—Not later than 180 days after the 
date of enactment of this Act, the Secretary of Labor shall 
promulgate a regulation described in subsection (b). 
(b) REGULATION DESCRIBED.—The regulation de-
scribed in this subsection shall— 
(1) comply with the requirements of this sec-
tion; and 
(2) allow administrators of pension plans and 
other responsible fiduciaries to transfer unclaimed 
retirement distributions to State unclaimed property 
programs through the States’ Unclaimed Retirement 
Clearing House that manages the voluntary transfer 
of funds nationally across State unclaimed property 
programs. 
(c) PREREQUISITES FOR PLAN AND OTHER RESPON-
SIBLE FIDUCIARY TRANSFERS TO STATES.— 
(1) IN
GENERAL.—Prior to transferring un-
claimed retirement distributions to State unclaimed 
property programs, a plan or other responsible fidu-
ciary shall, with respect to unclaimed retirement dis-
tributions that are $50 or more— 
(A) to the extent that it has not already 
done so, attempt to identify, through an infor-
mational database search and through a search 
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of a commercially reasonable outside source, the 
current address and other contact information, 
such as a phone number or email address of a 
participant or other beneficiary owed such a 
distribution if the plan or other responsible fi-
duciary has reason to believe that contact infor-
mation of such participant or beneficiary avail-
able to the plan or the fiduciary is inaccurate; 
and 
(B) send a notice to the participant or ben-
eficiary entitled to such a distribution that— 
(i) explains that the plan or other re-
sponsible fiduciary is in possession of the 
distribution and that absent a timely re-
sponse from the participant or beneficiary, 
the distribution will be transferred to the 
State unclaimed property program of the 
State where the participant or other party 
last resided; and 
(ii) provides instructions to the partic-
ipant or beneficiary to prevent the transfer 
of the distribution to a State unclaimed 
property program. 
(2) FORM OF NOTICE.—For the purposes of 
sending a notice described in paragraph (1)(B), the 
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plan administrator or other responsible fiduciary 
may determine the form of sending such notice, so 
long as such notice— 
(A) is reasonably expected to reach the 
participant or beneficiary; and 
(B) is sent in a secure means, such as 
through email, an online portal, or the mail, 
and protects the personal information of par-
ticipants and beneficiaries. 
(3) MAILING NOT REQUIRED.—The sending of 
a notice described in paragraph (1) shall not be re-
quired if, following completion of the search required 
by paragraph (1)(A), the search does not provide 
updated contact information for a participant or 
beneficiary. 
(d) PLAN OR FIDUCIARY RELIEF.—Notwithstanding 
any other provision of law, the administrator of a pension 
plan or other fiduciary that satisfies the requirements of 
this section and any applicable regulations when making 
a transfer to a State unclaimed property program shall, 
with respect to such transfer, be deemed to have satisfied 
the requirements of sections 404(a) and 406 of the Em-
ployee Retirement Income Security Act of 1974 (29 
U.S.C. 1104(a); 1106). 
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(e) INFORMATION SHARING MECHANISM.—For the 
purposes of updating plan records and ensuring compli-
ance with section 404 of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1104), the Secretary 
shall make available to plan administrators a means of 
verifying whether a distribution transferred under this sec-
tion to a State unclaimed property program has been 
claimed by a participant or beneficiary. 
(f) REPORT REQUIRED.— 
(1) IN GENERAL.—Not later than 90 days after 
the date of enactment of this Act, and every 90 days 
thereafter, a plan fiduciary shall submit to the Sec-
retary of Labor a report that includes— 
(A) with respect to each transfer of an un-
claimed retirement distribution to a State un-
claimed property program that has not been re-
ported to the Secretary— 
(i) the name, social security number, 
date of birth, and last known address of 
the participant or beneficiary entitled to 
the unclaimed retirement distribution, in-
cluding any applicable qualified domestic 
relations order (as defined in section 206 
(d)(3)(B)(i) of the Employee Retirement 
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Income Security Act of 1974 (29 U.S.C. 
1056(d)(3)(B)(i))); 
(ii) the amount of the distribution 
transferred; 
(iii) the State to which the transfer 
was made; and 
(iv) the name of the plan or respon-
sible fiduciary who transferred the dis-
tribution; and 
(B) with respect to any transfer of an un-
claimed retirement distribution to a State un-
claimed property program that has been 
claimed by a participant or beneficiary, an iden-
tification of such transfer. 
(2) REPORT NOT SUBJECT TO PUBLIC DISCLO-
SURE.—A report required under this subsection shall 
not be subject to public disclosure under section 552 
of title 5, United States Code. 
(3) RETIREMENT SAVINGS LOST AND FOUND.— 
(A) IN GENERAL.—The Secretary of Labor 
shall include all information submitted under 
paragraph (1) and any information received 
pursuant to the mechanism established under 
subsection (d) in the Retirement Savings Lost 
and Found Database, established pursuant to 
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section 523 of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1153). 
(B) COLLECTED
DISTRIBUTIONS.—From 
the information received under this subsection, 
indicate in such database the distributions that 
were claimed by a participant or beneficiary. 
(g) PARTICIPANT DATA.—A pension plan or fiduciary 
will not violate section 404(a) of the Employee Retirement 
Income Security Act and shall not be subject to liability 
for transmitting participant data to a State unclaimed 
property program through a national clearinghouse, pro-
vided that the pension plan or fiduciary exercises reason-
able care in making the transmittal. 
(h) TREATMENT OF TRANSFER FOR PURPOSES OF 
QUALIFIED TRUST RULES.—A trust forming part of a 
pension plan shall not be treated as failing to constitute 
a qualified trust under section 401 of the Internal Rev-
enue Code of 1986 merely because the pension plan of 
which such trust is a part makes a transfer that meets 
the requirements of this section and the regulations pro-
mulgated thereunder. 
(i) CONGRESSIONAL REPORT.—Not later than 24 
months after the promulgation of the regulation described 
in subsection (a), the Secretary of Labor shall submit to 
Congress a report— 
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(1) on the progress and effectiveness of the reg-
ulation; and 
(2) any recommendations on how to improve 
the regulation. 
(j) DEFINITIONS.—In this Act: 
(1) CONTACT INFORMATION.—The term ‘‘con-
tact information’’, with respect to a participant or 
beneficiary, means identifying information, including 
a mailing address, phone number, or email address. 
(2) ERISA TERMS.—In this Act, the terms 
‘‘administrator’’, ‘‘fiduciary’’, and ‘‘pension plan’’ 
have the meanings given the terms in section 3 of 
the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1003). 
(3) INFORMATIONAL
DATABASE.—The term 
‘‘informational database’’ means a commercially 
available database or a government-provided data-
base. 
(4) OUTSIDE
SOURCE.—The term ‘‘outside 
source’’ means a commercial locator database, ad-
dress verification service, or a publicly or commer-
cially accessible database. 
(5) STATE UNCLAIMED PROPERTY PROGRAM.— 
As used in this Act, the term ‘‘State unclaimed 
property program’’ means the statutory-based initia-
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